Projects can be executed in a variety of defined approaches.  Waterfall being an sequential approach and agile being iterative, or variations of each of these are the most common practices.

Similar approaches can be applied to both creation and execution of an organizations strategy.   Strategies are just plans to achieve defined objectives.

Defining Objectives

The first step in any strategy is to define the goals and objectives.  Simply put what is the strategy intended to achieve.  These can be can cover one or many topics for example; financial, repetitional, risk aversion, resource focused and so on.

In a waterfall approach to strategy the objectives are determined first and then the plans to achieve them.  An iterative approach could be better defined as an incremental strategy.

We will figure it out

Incremental approaches to strategy appear at first to be contradictory to the definition.  Strategies are plans and incremental plans seem almost not to be plans but rather just acting in the moment.

It’s a Framework!

While strategies clearly identify what success is, that is when you reach the strategic objective you are successful.  If success is identified in an iterative way, are you not just making it up as you go along.

Of course yes that is the intent of both a project executed iteratively and and strategy approached this way.  The benefit is the ability to mold the ongoing goals according to what make sense at the time.

Rather than committing to a 3 to 5 year strategic plan the committment is to a framework which is reviewed, balanced and corrected iteratively as it makes sense to do so.

Don’t just laugh out loud at iterative strategies, there is some method to the madness.