Myths Related to Strategy

There is no doubt that human beings are both influenced and fascinated by myths. But the harsh reality here is that myths are worse than lies. And in today’s world, where everything is easily accessible on social media, people tend to believe such lies, often hidden behind the concept of myth. The worst part is that a few of them fall under this trap and start doubting themselves. 

However, there are a few smarter ones who do not pay heed to such things. Some of these myths can be easily tracked and understood with a little bit of analysis. Needless to say, they have become part and parcel of today’s world, but nothing much can be done about it.

However, it can definitely be avoided with caution. So, numerous myths about strategic thinking have emerged. Let us understand some of the most common myths related to strategy:

Myth 1

The first myth about strategies is that they should be made for a longer term. Many people try to give examples of leaders here who always stick to their strategy and don't change it during good and bad times. However, this is not the real scenario. 

Strategic changes need to be made quickly, especially when analyzing long-term assumptions of any institution. Whether you need to change your strategies depends entirely on the fundamentals of business.

Myth 2

The second myth is pervasive and relates to larger companies like Amazon, Meta, and Google. According to this myth, these companies constantly change their strategies, using the vast amounts of cash they have generated over the years. But this is an entirely

wrong notion wherein people mistake innovation for strategic changes. 

Well, of course, these companies change their strategies from time to time, but we can actually call them mere twists and innovations. In other words, these can be called the radical versions, and that’s it!

Myth 3

The third myth is that companies gain a competitive advantage for only a very short period of time. Post that, this advantage is almost that, and they become less defensible. However, if we delve further into this thing, we can find out that bigger companies like Amazon, Meta, Microsoft, and Apple have gained a massive competitive advantage that cannot be easily eroded, even if they face market challenges. 

So, what actually is done is that companies do not entirely rely on competitive advantages and depend on other advantages too, which help them survive the market forces in the long run.

Myth 4

The fourth myth concerns startups and agile companies. According to the myth, these organizations do not adopt any strategies or follow any plans. They align with the current market changes. However, this is not how it works in the real world.

This is because being agile does not mean that someone is strategic. Moreover, this will not help anyone survive in the market in the long term. Furthermore, it is an entirely vague and absolute lie that startups and agile firms do not engage in strategic planning.

Myth 5

The fifth and the most common myth is that strategies should rely on digital technology. We indeed live in a digital world where no one can survive without smartphones, laptops, and tablets. However, we cannot jump to the conclusion that companies rely entirely on digital strategies for all their tasks. If you have an efficient team, then all the tasks will be completed efficiently, digital or not; it does not matter at all.