Strategy, Execution, and the Million Dollar Drawer

Summary

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In 1951, legendary science fiction writer Arthur C. Clarke published a short story titled "Superiority." The narrative explains how a superior galactic force is soundly defeated by an inferior one. In years past, the story was required reading at West Point Military Academy because of its insight into military strategy. But let's not overlook its relevance to business strategy, especially in the midst of turbulent conditions. Clarke writes, "With stubborn conservatism and complete lack of imagination, the enemy continued to advance with his old-fashioned and inefficient but now vastly more numerous ships."

There are two primary pathways to competitive advantage -- achieving a low-cost position and achieving distinctiveness. If you can do both, that's even better. But these principles tell us nothing about the conditions and constraints under which we attempt to implement strategy. This is Clarke's enduring insight.

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Extract

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Strategy, Execution, and the Million Dollar Drawer

The so-called "Great Recession" has left organizations battle- weary. Many have struggled to survive, let alone grow. As a result, many leaders hastily assume they have a ...

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