Is the idea of a business strategy overblown? After all, there are loads of businesses out there chugging merrily along without one. Loads more have some vague ideas they like to call a strategy, but are really more like a wishlist.
So yeh, maybe flying by the seat of your pants can work – for a while.
You may be able to run a business without a strategy, but you can’t grow it. Sooner or later, you will hit a wall you can’t break through, and you’ll be stuck there spinning your wheels while the rest of your industry zooms on by.
You also won’t know how to build resilience or change course if you need to, making your business vulnerable to disruptions – like economic downturns, changing markets, alien invasions and whatever other scary thing pops up on your newsfeed.
OK, so a strategy might not feel necessary in your day-to-day. But it’s actually a pretty big deal if you want your business to have long-term security.