7 strategy traps CEOs must avoid

In a well-run company, a clear strategy drives actions and decisions at every level of the organization.

Unfortunately, getting to that ideal state can be tricky. The path to a strategy that is acted upon is marked by a few traps that I’ve seen many a CEO fall into (and perhaps fallen into myself over the years).

Let’s look at seven of the most common strategy traps and how you can avoid them.

1. Confusing strategy with budgeting.

If your strategy-creation process begins with detailed budgeting at the business-unit level, you need to step back and think bigger-picture. Defining company strategy is about answering a few key questions about what the company is trying to achieve and how it will do so – not hashing out a rigid plan.

At its core, strategy is a framework for guiding decisions. It should later translate into specific plans created by each department – but it shouldn’t start there.

2. Jargon overload.

We’ve all seen company strategies that seem like they were spit out by a corporate…