During a Q&A session at Nedbank’s Franchise Seminar, I was asked: “ What’s the difference between tactics and strategy?”.
There’s often a blurred line between tactics and strategy. As a business owner, it is worth your while to figure out the distinction. A strategy can save you when tactics flop. If a tactic flops, you should consider deserting it.
It does not mean that there’s something wrong with your strategy. Your strategy is what you keep doing even after you changed the tactic.
Here’s an example: A financial advisor could decide that his goal is to get more clients.
- His strategy is to achieve that by becoming the most reliable person in the area.
- There are more than 10 tactics he can use to earn that trust. He can organise events, sponsor school teams, be transparent about his commission percentage, hire student interns at a fair pay, run seminars at his office, the list goes on.
- It doesn’t matter if 1 or 2 or 7 of the tactics aren’t winning plays. They all add up.
But if once, just once, he breaks someone’s trust and expectations, the entire strategy goes to trash.
Tactics are replaceable. The strategy is for the long term.