You Have Some Jargon In Your Teeth

Occasionally, I get asked to weigh in on growth initiatives. 

A perk of the job, I suppose.

And when asked, the following terms:

• Strategy 

• Plan 

• Strategic plan 

• Method 

• Approach 

• Vision

• Strategic vision 

• Mission 

• Marketing Plan 

• Demand Generation Strategy 

Are usually used interchangeably.

When this happens I am instantly transported back to the moments where someone is talking to me with a piece of broccoli wedged between their two front teeth. 

Should I tell them they have something in their teeth? 

Should I tell them that these are not business synonyms? 

I ALWAYS believe in helping a friend, so consider this the virtual version of me pulling you aside to, respectfully, let you know that you have some jargon stuck in your teeth. 

STRATEGY VS. PLAN

Do a quick Google search and you will find 1,230,000,000 results on this topic. 

No two articles break it down EXACTLY the same, but this is clearly a hot topic for business writers around the globe. 

Simply put, a strategy identifies what you need to do to meet one or more business objectives. 

Developing and implementing a strategy is THE central task of a leader, whether the CEO of a Fortune 100 company, an entrepreneur, a church pastor, the head of a school, or a government official.

If you haven't read Richard Rumelt's Good Strategy, Bad Strategy: The Difference and Why It Matters, stop reading this article IMMEDIATELY and BUY. THE. BOOK. 

A plan explains, in detail, how the strategy will be executed. 

For all you project management junkies, out there, a plan identifies: 

• What’s to be done (activities and tasks to be executed)

• Who does what (roles and responsibilities)

• When it has to be done (a schedule of activities and tasks and who’s assigned to them)

• And critically, how you’ll ensure it gets done on time and within budget (risk management, quality management, communication management, resource management, stakeholder management, change management, financial management).

... And for everyone who has ever asked me what consultants do:

• To get from a strategy to a plan there’s usually a business case. That’s where the strategy is justified and costed for it to be considered and approved. 

• Then, to be executed, it becomes a change initiative in the form of a program of work or part of other programs (programs are then executed as projects).

VISION VS. MISSION

• A vision statement focuses on tomorrow and what an organization wants to ultimately become. 

• A mission statement focuses on today and what an organization does to achieve it. 

Both are vital in directing goals.

APPROACH VS. METHOD

• Approach: think direction or angle and theoretical framework. An approach has to be decided before selecting the method. 

• Method: think process, referring to step-by-step guidelines. A method can be selected after deciding the approach. 

Hopefully, you found this approach helpful.