Five Common Strategy Mistakes

Check out this great article from Harvard Business Review. I particularly find the following paragraph interesting/true:

Don’t confuse strategy with actions (grow, acquire, divest, etc.) or with goals (reach X billion in sales, Y share of market). Porter’s definition: the set of integrated choices that define how you will achieve superior performance in the face of competition. It’s not the goal (e.g., be number one or reach $1 billion in top-line revenue), nor is it a specific action (e.g., make acquisitions). It’s the positioning you choose that will result in achieving the goal; the actions are the path you take to realize the positioning. Moreover, when Porter defines strategy, he is really talking about what constitutes a good strategy — one that will result in a higher ROIC than the industry average. The real problem here is that you will think you have a strategy when you don’t.

Delegation

I recently subscribed to the Harvard Business Review‘s Management Tip of the Day Newsletter.  I thought today’s suggestions on how to delegate were particularly useful.  Figuring out how to delegate and feeling comfortable with giving up control seem to be issues that many leaders face.

MAY 09, 2011
3 Steps to Choosing what to Delegate
Delegation is both a critical skill that successful managers must demonstrate, and one often neglected by overworked managers. Here are three steps to decide what can come off your plate:

  1. Identify tasks only you can do. Take a look at your workload and identify tasks, projects, or functions that require your specific skills or level of authority.
  2. Sort the rest. Take a look at everything else on your list and determine what others can easily do, what requires coaching for others to do, and what needs outsourcing.
  3. Keep what makes you happy. Don’t give away the things that you most enjoy even if others can do them. Delegation should increase your job satisfaction, not detract from it.