Think Strategically, Act Tactically

                                       Think Strategically, Act Tactically 

What is Strategy? 

  • Strategy is your long-term goals and how you plan to achieve them. Your strategy outlines your path toward achieving your mission. Strategy should involve research, planning and internal reflection. 

 

What makes a good strategy?

  •      -It reflects your core values and is actionable. 
  • -It aligns daily activities and decision making with your overall goals. 

 

What are tactics? 

  • Tactics are concrete steps that describe how you’re going to achieve your strategy. 

 

What makes a good tactic?

  • -A good tactic has a clear purpose that helps your strategy.

  • -It has a finite timeline where specific activities will be completed, and their impacts measured.

 

How they interact: 

  • Strategy and tactics should work together to achieve your goal. It’s much easier to adjust tactics and course correct than it is to overhaul your entire strategy. Make sure your strategic planning is thorough.  

 

Measuring what matters: 

  • -What are the key performance indicators (KPIs) you are using to determine the efficacy of your strategy? Is there a benchmark to compare yourself to? If your KPI is consistently lagging, what steps will you take to correct this?  

  • -Are your tactics being executed? Is the person assigned the task doing what they need to do? Are the tactics helping you achieve your strategy and thus helping you to achieve your goals? 

 

How does this relate to you? 

 

Most people have a goal of having a successful retirement. They don’t really plan out how they are going to achieve this, but rather piece together tactics as they goWithout a long-term vision and KPIto measure progress you won’t know if you are on track or if you need to make course corrections. This leads to reactions to short-term events that could lead to long-term outcomes that may not be desirable. We tend to find people who have a plan, follow a process, think strategically and act tactically, more successful overtime. Success means different things to different people and when you set your own benchmark for success, happiness will follow.  

 
By, Gage Paul, CFP®, RICP®, EA
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