Rather than view strategy as a selection of options, here is another approach: creation or invention.
Strategic planning is not strategy
Strategic Planning, often synonymous with Annual Planning, details how you are going to get where you have decided to go. It is a description of how you will achieve your goals — those milestones you established in structuring your business plan. Strategic Planning is operational in nature, it examines the particular actions you intend to take over the coming period. Strategic Planning can be critical — and after you have a Strategy, it is often a good idea to develop a Strategic Plan.
But Strategic Planning is not Strategy. Strategy is the “what” you and your organization are going to be, and the broad approach to how you are going to do that. For instance, your company will become the number one vendor of internet-hosted medical records applications, achieved through freeware distribution to HMOs and clinics, paid for with a back-end, per-patient royalty. Strategic Planning looks at the details of how you will get there — which associations you will joint-venture with, how many sales...
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