When conditions change, the smart ones among us adjust their strategies to compensate. Not doing so would obviously be foolish. Yet, we too often fall in love with our strategies. We presume what has worked so marvelously in the recent past won’t let us down regardless of external changes. So, we stay with our winning hand, often doubling down on a strategy that is no longer working.
Winning blinds us from seeing changes in the environment that call for a shift. Investors have an expression for this: “Defeated by a winning strategy.” The same is true for leaders who become overly committed to a strategy that has worked for a long time. Unfortunately, no strategy works under all conditions and environments. Good leaders cherish success but are mindful that changes in markets, people, culture, and economics require a shift in strategy. Reexamine and challenge your strategies. Don’t fall in love with them. Save that for people.
