Reading "On Strategy" by Harvard Business Review, I could refresh key elements of business strategy, collected in one place by the best in the industry.
There's something beautiful about how people like Michael Porter or Jim Collins present their concepts - from Porter's five forces, through BHAG, mission, company values, balanced scorecard, to blue ocean. And it's hard to find a better moment for such reading, as like many companies, I'm currently working on updating my strategies.
My approach to strategy has matured over the years.
At first, I focused mainly on WHAT ELSE we can do. This mindset worked - it allowed us to build XXII Ventures, a holding of companies that create unique value in the market. However, with this reading, I was looking for something different. Concentrating on WHAT WE DON'T DO and the conscious "tradeoffs" that come with it.
Instead of looking for new solutions, I want to protect, sharpen, and strengthen our unique value for clients. This is our top priority for 2025.
As a natural strategist (my top talent according to Gallup Strengths Finder), for a long time I simplified the topic of strategy. We relied on the balanced scorecard, and I, following "Good Strategy, Bad Strategy," defined strategy as a simple combination of "what?" and "how?".
This was, however, too much of a mental shortcut. The following require definition and clarification:
- A unique position that allows us to serve clients in a way that is difficult to copy.
- Conscious renunciation of opportunities that pull us away from this position.
Because competing on everything with everyone, you become just another generic player. I dream that my companies will draw inspiration from places I visit, such as Singapore or Dubai.
- Singapore has proven that it has its "strategic fit," which it defends as befits the Lion City. Without natural resources and with limited territory, they created a meritocratic, modern system; a state of law and growth that attracted investments and talents, shooting them far ahead of much stronger neighbors.
- In turn, Dubai communicates its ideology and principles on posters at the airport, which are meant to make this place exceptional. Although oil revenues were a significant facilitator here, the transformation this city underwent from a fishing village to a center of business and tourism is impressive. This opportunity wasn't wasted.
Strategic awareness is definitely something that unites these places - a trait I sincerely wish for our Polish companies and rulers.
And what places or organizations inspire you with their strategic thinking?
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