Updated: Apr 25, 2019
You may not know it, but if you are thinking that you don’t have a strategy: there are some expensive textbooks that would say that you do. I own way too many strategy textbooks and most talk about a “Realised” strategy. This is described as the totality of the actions you undertake in every day business.
I worked with a firm that said they did not have a foreign exchange policy or position, rather they just took the spot rate. Taking the spot rate is their position or their "realised" policy. The text books would say that doing what you are doing is your strategy. But the idea of a "Realised" strategy is flawed. Strategy by anyone’s definition is at least a “plan,” not just every day unplanned things that are happening. Doing what you do every day is not a plan. It reminds me of the Socratic Paradox, "All I know is that I know nothing." It can’t be both.
So, don’t congratulate yourself for having a strategy unless that Strategy is an “Intended” strategy. Realised, Emergent and Intended strategies are the topic of strategic academics and if you are creating a plan make it an "Intended" Plan.