We define strategy as a coherent and evolving portfolio of initiatives to drive owner value and long term performance. This requires a change in management thinking to develop the 'you and what you do' perspective. Companies are defined by the initiatives they prioritise and drive.
Strategy approached in this way is more adoptive, a carefully managed series of initiatives is balanced across activities, adapting the business to meet future challenges 'shaping' to respond to its changing environment and building the next generation of businesses by reinforcing brands, value proposition to customers and solid operational expertise.
A company can successfully set the shape to drive business value. On this basis the approach to strategic planning must be ongoing and not only a yearly exercise and relevant and integrated across the business. As these initiatives are implemented the senior management team must ensure the organisation is ready for change. The strategy must then be communicated to all the various stakeholders and the pace of implementation be determined.