I recently came across an article in the McKinsey Quarterly by Richard P. Rumelt about strategy in an economic crisis.  It is a very interesting and insightful article for managers striving to come up with “survival” strategies for these tumultuous times.  The only quote I’d like to highlight is the author’s definition of strategy.

“By strategy, I mean a cohesive response to a challenge. A real strategy is neither a document nor a forecast but rather an overall approach based on a diagnosis of a challenge. The most important element of a strategy is a coherent viewpoint about the forces at work, not a plan.”

It’s the best I’ve ever seen and plan to memorize it.  You should too.