#20 What is strategy and why is it important to have one?

The word strategy is a commonly used among sports organization but this word is often misunderstood. So in today's episode we dig into the meaning of strategy and then discuss why it's important to have a strategy in place.

Excerpt: 

So, what is strategy? The management study guide defines strategy as a “ A general direction set for the company, sports organization in our case, and its various components to achieve a desired state in the future.” Let’s break this down a little bit.

At its core, strategy simply means asking yourself what you want to achieve, when you want to achieve it and how you can achieve it. Let’s first look at the what  - what do you want to achieve. For most organizations the answer will be higher revenues, for example. But instead of leaving this “goal” vague like this, you want to get specific. For instance, an organization could say, we currently have a monthly recurring revenue of 200 000 and we would like to increase that to 300 000.