There is no doubt about this fact that human beings are both influenced and fascinated by myths. But the harsh reality here is that myths are worse than lies. And in today’s world where everything is easily accessible through social media, people easily tend to believe such lies hidden behind the concept of myths. The worst part is that few of them fall under this trap and start doubting themselves. However, there are a few smarter ones who do not pay heed to such things.
Some of these myths can be easily tracked and understood with a little bit of analysis. Needless to say, they have become a part and parcel of today’s world but nothing much can be done about the same. However, it can definitely be avoided with caution. So, there are numerous myths related to strategic thinking which have evolved over time. Let us understand some of the most common myths related to strategy:
- The first myth about strategies is that they should be made for a longer term. Many people try to give examples of leaders here who always stick to their strategies and leave them unchanged both during good and bad times. However, this is not the real scenario. Strategic changes need to be made very quickly especially when it comes to analyzing long – term assumptions of any institution. Whether you need to change your strategies or not is completely dependent on the fundamentals of business.
- The second myth is very common which is related to bigger companies like Amazon, Facebook, Google, etc. As per this myth, these companies keep on changing their strategies all the time using the huge amounts of cash generated by them over the years. But this is a completely wrong notion wherein people mistake innovation for strategic changes. Well, of course, these companies change their strategies from time to time but we can actually call them mere twists and innovations. In other words, these can be called the radical versions and that’s it!
- The third myth is that the companies get the competitive advantage over others for a very short period of time. Post that, this advantage is almost that and they become less defensible. However, if we delve further into this thing, we can find out that bigger companies like Amazon, Facebook, Microsoft and Apple have gained massive competitive advantage which cannot be diminished easily even if they face any kind of issues in the market. So, what actually is done is that companies do not completely rely on competitive advantages and depend on other advantages too which help them survive the market forces in the long run.
- The fourth myth is related to startups and agile companies. As per the myth, these organizations do not adopt any strategies or follow any kinds of plan. They work according to the changes happening in the present market scenario. However, this is not how it works in the real world. This is because being agile does not mean that someone is strategic. Moreover, this will not help anyone survive in the market for a longer term. Moreover, it is a completely vague thing and absolute lie that startups and agile firms do not have any strategic planning.
- The fifth and the most common myth is that strategies should rely on digital technology. It is true that we are living in a digital world wherein no one can survive without smartphones, laptops and tablets. However, we cannot jump to the conclusion that companies completely rely on digital strategies for all of their tasks. If you have got an efficient team then all the tasks will be completed efficiently – digital or not, it does not matter at all.