If you hold a leadership position in a company, would you ever dare to say that "strategy" is not important? I don’t think so. In fact, in a recent survey we conducted on strategy among business owners and top management teams, 80% of respondents acknowledged that strengthening their strategy would significantly benefit their businesses.

Yet, only 35% of these same executives assigned strategy a high priority on their agendas, exposing a disconnect between what leaders know is important and what they consider urgent. Even more troubling is that, among the 65% who didn’t prioritize strategy, only 21% rated their company’s strategic performance as exceptional. Worse still, of those who rated their strategic performance as subpar, just 30% saw improving it as a priority.

This trend is alarming. The problem isn’t that executives fail to recognize the importance of strategy—it’s that they remain stuck in outdated approaches, hindered by misconceptions about strategy that prevent them from giving it the relevance it deserves.

Stuck in the Past: The Myths Holding Companies Back

The concept of strategy has evolved tremendously over the past decades. It began gaining traction in the business world in the mid-1960s, when portfolio performance perspectives were introduced to the already ingrained culture of planning and budgeting. Over the years, its definition expanded, adding layers of complexity by incorporating ideas like competitive positioning, competitive advantage, internal capabilities, innovation, execution, and performance evaluation, to name a few. By the early 2000s, this evolution led to a new understanding of strategy—as an organizational capability that continuously adapts and drives success in a rapidly changing environment.

Yet despite the evolution of strategic thinking, many companies remain stuck in the past, clinging to outdated ideas and misconceptions about what strategy truly is and how it should be implemented. These limiting beliefs prevent them from adapting to today’s fast-moving, volatile environment. There are five key myths in particular that continue to hold companies back from elevating the importance of strategy on their leadership agendas.

Myth 1: Strategy is about the long term and not a priority when facing short-term challenges.

This is perhaps the most dangerous myth of all. Many leaders mistakenly believe that strategy is solely about long-term decisions, rendering it irrelevant when faced with immediate challenges. This outdated thinking stems from an old-school view of strategy as a long-term exercise—defining vision, mission, and strategic pillars during infrequent meetings. But strategy is much more than that, especially in today’s volatile, fast-moving environment. Strategy is a core business skill, one that every company must master because it underpins the very foundations of effective business management, from daily decision-making to long-term growth.

Myth 2: Strategy is an occasional event.

One of the biggest strategic missteps companies make is treating strategy as something that happens sporadically or only when major events occur—like the arrival of a new CEO, a major acquisition, or a market disruption. But strategy is not something to revisit only during times of upheaval. It must be a continuous habit that evolves with your business as it navigates new challenges and seizes emerging opportunities. Companies that embed strategy into their daily operations, making it an ongoing process, are far better equipped to adapt and thrive in today’s fast-changing environment.

Myth 3: Strategy is complex, time-consuming, and costly.

Many companies procrastinate on strategy because they view it as a daunting, overwhelming task—believing it requires extensive analysis, large teams, and endless meetings. This misconception often leads to paralysis. Today’s most successful companies make strategic thinking a seamless part of their daily operations. Instead of engaging in lengthy and complex processes, they embrace agility and leverage the collective knowledge and expertise of their teams, applying a hypothesis-driven approach to test assumptions and adapt quickly.

Myth 4: Strategy resides at the top.

Many companies still view strategy as the exclusive responsibility of senior leadership. This top-down mentality is limiting because it isolates strategic thinking from the people who are closest to customers, market dynamics and day-to-day operations. When strategy resides only at the top, it becomes disconnected from the reality of the organization. Real strategy is a collective habit, requiring input, collaboration, and action from every level of the company to stay relevant and effective.

Myth 5: Strategy can be delegated.

Some leaders falsely believe that strategy can be outsourced or delegated. They think they can pass it off to consultants or lower-level teams while they focus on other pressing issues. But real strategy demands direct ownership from leadership. It requires leaders to be deeply involved in shaping and guiding the company’s direction, continuously refining the strategy based on evolving insights and business realities. Delegating strategy is like handing over the heart of your business—it simply doesn’t work. True leadership means taking full responsibility for strategy, ensuring it remains a living, adaptive process.

Building the Habit of Strategy: Awareness, Alignment, Determination, and Discipline

In today’s fast-moving business environment, where both external and internal factors shift constantly, strategy can no longer be a sporadic exercise. To succeed, companies must build strategy as a habit—by focusing on four key components: Awareness, Alignment, Determination, and Discipline. These components ensure that strategy is not just a plan but a continuous practice, deeply embedded in the daily fabric of the organization.

1. Awareness: See beyond the obvious. Awareness is not about trying to predict the future. It’s about the willingness to look beyond the obvious and truly understand what is happening both inside and outside the company. Successful companies cultivate a shared understanding among decision-makers about the key challenges and opportunities they face. This requires asking the right questions and engaging in conversations across the company to uncover deeper insights. Without this kind of collective awareness, companies limit their ability to act intelligently in a rapidly changing environment.

2. Alignment: Ensure everyone is rowing in the same direction. Once awareness is in place, alignment is about defining the "north"—the clear direction where the company needs to focus its efforts, resources, and energy. This process isn’t about consensus, which rarely exists in strategic discussions. Instead, it’s about reaching agreements among decision-makers on the goals they can commit to, ensuring that everyone is working toward the same objectives. True alignment requires not only setting these goals but also clearly communicating them across the organization so that every employee understands the direction and their role in contributing to the company’s success.

3. Determination: Take bold action. Crafting a strategy is only the beginning. Determination is about the courage and resolve to act—especially when it requires making hard decisions or initiating transformative changes. This means pushing forward even when the way ahead is uncertain. Companies that succeed are those that don’t hesitate to act decisively, even in the face of ambiguity or discomfort. Waiting for perfect conditions is a recipe for stagnation; determination drives progress.

4. Discipline: Execute consistently over time. Strategy is not a sprint; it’s a marathon. Crafting a strategy is just the starting point, but executing it consistently over time is what separates success from failure. Discipline means staying focused and ensuring that actions remain aligned with the strategy, even when progress feels slow or challenges arise. This requires building the governance, control mechanisms, and decision-making systems that allow companies to stay the course and avoid drifting off track. Just as in a marathon, it’s the steady, disciplined pace supported by strong systems that ultimately wins the race.

Elevating Strategy to Its Rightful Place

Too many businesses remain stuck in the past when it comes to strategy, seeing it as a one-time exercise or something that can be delegated or delayed. But in reality, strategy is the heartbeat of your business—a daily habit that must be woven into every fiber of your organization. The competitive landscape is relentless, and those who rely on old methods are being left behind. Success today requires breaking free from the passive, sporadic approach to strategy and embracing it as a daily discipline. Just like training for a marathon, progress and resilience come from consistent effort, not from occasional bursts of energy. Only those who adopt this mindset will cross the finish line—stronger, faster, and ahead of the competition.

So, how will you approach strategy from now on?

Good Luck!

Ximena Jimenez

Founder - Managing Director LITup

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