by Graham Kenny for HBR

The traditional process of making strategy is about managers finding a way to align a company’s capabilities with its opportunities and environment. That works well enough when environments are relatively stable, but not in highly unstable ones. In this situation, the solution is to treat strategy as a discovery process. Identify your stakeholders and find out what they expect of you. This engagement should be made by senior executives with strategic responsibilities; what they learn often surprises them.