How to make Better Strategy with Marc Sniukas

Unlocking the Power of Strategy: Insights from Marc Sniukas

In the fast-paced world of business, companies often find themselves struggling to differentiate between strategy and planning. While they may sound similar, these two concepts are vastly different. To better understand how to develop a successful strategy, we turned to Marc Sniukas, a seasoned Strategy Advisor, who shared his expertise on the importance of creating a dynamic and flexible approach to business strategy.

Strategy vs. Planning

One of Marc's key points is the distinction between strategy and planning. Strategy isn't just about creating a detailed plan for the future—it’s about figuring out how to win in the marketplace right now. A good strategy involves solving current challenges, seizing opportunities, and staying competitive in an ever-changing environment.

Planning, on the other hand, is often static. It’s focused on setting objectives and actions with timelines, but it doesn’t allow for the kind of flexibility needed in today's business climate. Planning may give you a roadmap, but it’s strategy that helps you navigate through the ever-evolving marketplace.

Why Strategy Fails

Many companies mistakenly treat planning as strategy, relying on best practices or benchmarking against competitors. But copying what others are doing won’t lead to innovation or differentiation. As Marc points out, strategy should aim to be different, not just better.

Innovation is the key to standing out. By approaching challenges in unique ways, companies can carve out their own space in the market, instead of merely following in the footsteps of others. Being able to innovate at every stage of business—from product development to customer engagement—is what sets truly successful companies apart.

Consultants' Limitations

While consultants can offer valuable insights and market research, Marc believes that they often don’t have a complete understanding of a company’s unique context. While external advice is useful, it can’t replace the deep knowledge that a company’s leadership team holds about their own culture and vision.

Marc’s approach to strategy is highly collaborative—he believes in co-creating the strategy with the leadership team and key stakeholders. This ensures that the strategy is deeply aligned with the company’s core values, increasing buy-in and commitment from all involved.

The Role of Leadership in Strategy

At the heart of any strategy is leadership. Marc emphasizes that the CEO or business leader should take ultimate responsibility for the company’s strategy. However, strategy shouldn’t be developed in isolation. Involving the leadership team and other stakeholders in the process ensures that everyone is aligned and committed to executing the plan.

While consultants can provide helpful perspectives, it’s the organization itself that must own the strategy. Leaders should also actively involve their teams in the execution, ensuring that employees are not only aware of the strategy but are also motivated and empowered to bring it to life.

Agility: A Must-Have for Today's Strategy

Traditional long-term strategies—those set for 3 to 5 years—simply don't cut it anymore. The pace of change in today’s market means that companies need to be agile, able to adjust their strategy quickly as circumstances evolve.

Marc advocates for a strategy that is constantly reviewed and updated in response to new challenges, feedback from employees, and market shifts. This continuous evaluation helps businesses stay on course and remain competitive, even in turbulent times.

The Role of Innovation in Strategy

For a strategy to stand out and succeed, innovation is key. Marc encourages companies to avoid the trap of simply following industry trends or copying competitors. Instead, businesses should focus on creating new value for customers through innovative products, services, and business models.

The Essential Components of a Strong Strategy

Marc identifies several core elements that every effective strategy should have:

1. Vision and Ambition: Where do you want to take your company? What are your big, audacious goals?

2. Innovation: How will you differentiate yourself from competitors? What unique solutions will you bring to the market?

3. Planning: What specific actions will you take to achieve your vision, and when will you take them? What resources are required?

4. The Human Factor: Engaging your team is crucial. Everyone in the organization must understand their role in executing the strategy. Their input is valuable, and their commitment to the process is essential for success.

Marc’s framework for strategy development is holistic, focusing not just on the steps to take but on ensuring that everyone is on board and invested in achieving the company’s goals.

Strategy as a Dynamic, Evolving Process

The most important takeaway from Marc Sniukas' insights is that strategy is not static—it needs to be dynamic and adaptable. In a world where market conditions and customer expectations shift quickly, a successful strategy must be able to evolve with the times. By co-creating strategy with leadership teams, emphasizing innovation, and maintaining an agile approach, companies can better position themselves to win in the marketplace.

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