Thanks, everyone for your great comments.  It seems that there is a pretty strong consensus about the need for a good solid “big picture” to guide your actions in your business.  The difference between strategy and tactics is especially important.  If you are unclear on that difference, you may feel as if you are “busy” (and indeed, you probably are), but in reality you may well be working on things that are not critically important to your overall success.

I like to think of a good strategy as if you had a sophisticated GPS navigation system installed in your business.  Because you took the time to understand your market and your own business, you have “loaded it up” with all the information you need to get to your destination.

Michael had asked about the relationship of strategy to work of Henry Mintzberg and his colleagues.  Mintzberg provides 5 definitions of strategy, what he calls his “5 P’s” (Plan, Ploy, Pattern, Position, and Perspective).

Clearly, using Prometheus, strategy is indeed the development and implementation of a plan of action, we also use a combination of a ‘direct’, or ‘indirect’ attack (ploy) on our competitors as a means of securing a dominant position in a given market.  For example, the Japanese used an indirect method to move into the US automobile market via small cars when it was not fashionable.  They secured their position before the US automakers knew they were even a threat.

Prometheus also connects to Mintzberg’s “patterns” through what we called ‘Calculated’ and Axiomatic strategy, where the Calculated strategy is is your strategic plan, and the Axiomatic is what will happen if the plan is not well developed and embraced by all.

In terms of “Position”, this is what, in Prometheus is called the ‘System Desired Effect’, where you would make every effort to understand the”world” in which you operated (your market and your own business), and you would explicitly define what they needed to become to help your plans succeed.

Finally, Mintzberg’s “perspective” is analogous to connection between the strategy and the resources and world view of your business.  Prometheus strategies are created using what we call ‘Open Planning’, in which as much of the business as possible (sometimes even including competitors!), is involved in the creation of the plans.  In this way, strategy execution is well aligned with the capabilities and interests of the individuals in the company.

Perhaps the most important concept to grasp when creating a strategy for your business is that the journey is as important as the destination.  The process of creating a great strategy will enable you to understand your business and your market to such a degree that your chances of success are vastly greater.  Also, remember that a good strategy builds in flexibility so that you can respond to changes quickly and correctly.