How often should you reset corporate strategy? Some say annually. Others say dynamic times call for more frequent, even radical, changes. The right answer is that results of consequence require a long-term mindset; setting fresh corporate strategy should be a rare event.
Stop Tinkering with Your Corporate Strategy
If you keep changing it, did you even have one to begin with?
June 09, 2022
Summary.
In a fast-evolving competitive environment, businesses can be tempted to routinely update their strategy. This is a mistake. Strategy setting should occur once a decade. Despite management folklore, they’re not “constantly reinventing themselves.” Yes, they’ve been vigilant. True, there’s plenty of work to occupy managers and advisors taking stock, and calibrating new initiatives, as opportunities arise. But they tend to avoid frequent changes in direction. Instead, they set a long-term horizon — usually a decade or more — to pursue growth while staying true to the kind of business they set out to be.
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How to develop a winning strategy—and put it to work.
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New!
HBR Learning
Strategy Planning and Execution Course
Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Strategy Planning and Execution. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.
How to develop a winning strategy—and put it to work.