Page 18 - CCCA Magazine Fall 2019

{ FEATuRE }

Taking The Lead on
Strategy

As in-house counsel strive to be recognized as trusted advisors and business partners, the

ability to help their organizations move forward strategically becomes critical. But what is
strategy? Why does it matter? And how can it help you perform your role better? By Lynne Yryku

hese are the big questions Dr. Mara Lederman, profes- Lederman then asks the more signifcant but complex questions,
sor of strategic management at the Rotman School of “What makes it a good plan? Does it articulate the right things?”
TManagement, tackled in her keynote address at the 2019 To defne the parameters, she looks to Harvard Business
CCCA National Conference. They are also the topics she cov- School Professor Michael Porter, recognized as the founder of
ers as part of the CCCA’s Business Leadership Program for In- modern management theory. He defnes strategy as the creation
House Counsel. of a unique and valuable position involving a different set of ac-
Below, I’ve distilled the key lessons from her presentation to tivities. To this, she adds the defnition from former Dean of
help you take action now. the Rotman School of Management Roger Martin, one of the
world’s top management thinkers: Strategy is choice.
What is Strategy? Therefore, critical to a good strategy are three concepts: posi-
Lederman began her presentation by asking, “What is strategy?” tion (where do you compete?), choice (what are you choosing
While very important, it can be very confusing to answer in busi- to do and, more importantly, to not do?) and uniqueness (what
ness contexts, as the word—and its counterpart, “strategic”— makes you unique?).
is thrown around carelessly.
She suggests looking outside the workplace frst. For in- Position
stance, she is currently trying to develop a strategy to get her Strategy is about fnding a unique position within your in-
children to make their own breakfast. In this case, the strategy is dustry: Who are your customers? What do you offer them? In
her plan to achieve the goal of more self-suffcient kids. It starts which market? Through which channels? And how is your or-
with articulating the goal, she explains, and then the strategy ganization uniquely able to deliver value to them?
lays out the steps that you believe will allow you to successfully Strategy is about being different, not about being better. To
achieve that goal. distinguish between different and better, Lederman offers the
Now, apply that to your organization. What is its goal, or example of furniture shopping, where you have the choice of
long-term performance objective? Sustainable growth? In- budget-friendly IKEA or high-end South Hill Home. You will
creased profts? Excellent customer service? Your strategy is fnd that each retailer is the best for different things. For in-
therefore the plan for how you are going to achieve that goal. stance, IKEA may be great for a student apartment but South

18 CCCA MAgAzine | fALL 2019 AUToMne