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Have you tested your strategy lately?

November 28, 2023
McKinsey & Company
Summary
McKinsey article underscores the importance of rigorous strategy testing for businesses. Instead of chasing new strategic approaches, it suggests focusing on timeless principles. The article provides ten critical tests for evaluating strategy, including understanding competitive advantage, recognizing market trends, handling uncertainty and assessing market position. It emphasizes that strategy is not a framework but a way of thinking, and advises that strategic dialogue is essential in any corporate setting. A strategy should be able to leverage trends, be based on insights, accommodate uncertainty, mitigate biases, facilitate action, and balance commitment and flexibility.
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