Is strategy really required? Isn’t luck mainly needed?

You create your own luck, just like a successful strategy. Research shows that organizations that followed a strategic thought process, formulated a strategy, and then implemented it are often 40% more effective than organizations without one.

It's especially that last step – execution – that's often missing in many companies. It's easy for top management to spend a few days in an inspiring setting and then name some strategic or policy goals. The real challenge? Bringing those goals to life with your employees, implementing them, evaluating, and adjusting them.

Maintaining focus seems to be the biggest challenge for many organizations. A well-defined and elaborated strategy assists you in this process. Seth Godin (a renowned dotcom entrepreneur and writer) also translates it as follows: “If you do not have the time to do it right, what makes you think you’ll have the time to do it over?”