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Great Strategies – Not Enough

Great Strategies – Not Enough 

Michael Porter

(Photo credit: WikipediaGreat Strategies – Not Enough 

The author of this Forbes’ article states that “Strategy is a necessary condition for success” however it isn’t enough.

Unfortunately, Michael Porter’s strategy consulting firm – Monitor Group – when bankrupt. Michael Porter has been considered as the key thought leader in the field of strategy. Because of the failure, there are many who argue that this “strategy stuff” doesn’t work.

The author explains that having a great strategy is an absolute requirement. But even with a great strategy in place, success isn’t a given. For instance, leaders of a company need to successfully motivate their people around the strategy. Great customer relations, good financing, and many other factors need to be firmly in place for a firm to succeed.

The author shares how he has seen several competent CEOs ruin a company simply because the business was based on a flawed strategy.

Strategy Is Necessary but Not SufficientFor those of you out there who like to gleefully smirk about “strategy”; let me explain it immediately here at the start (and hopefully once and for all): Strategy is a necessary condition for success. But it is not a sufficient condition – we (strategy professors) are not that stupid. I’ll explain in a sec exactly what we mean by that – a necessary but not sufficient condition – but let me first explain the gleeful smirk. I again saw it last November, when the Monitor Group went bankrupt. The Monitor Group was a strategy consulting firm founded by Harvard Business School’s Michael Porter; seen by many as the founding father of the field of business strategy. When it went bankrupt I was gleefully approached by various people in various corridors making gleeful remarks that this strategy consultant’s strategy could not even save itself, and the famous strategy guru Michael Porter couldn’t even put together a company that made enough money to pay the rent.

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Great Strategies – Not Enough 

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