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Strategies Fail Without Clear Choices

Source: hbr.org

TL;DR

Freek Vermeulen argues many corporate strategies fail during execution because they lack clear choices about what to do and not do.
Hornby Railways succeeded by focusing on perfect scale models for adult collectors appealing to nostalgia, lifting share price from £35 to £250 in five years.
Effective execution needs top-down direction, bottom-up initiatives, communicated logic, organic selection, and a bias toward change.

The story at a glance

Freek Vermeulen, a professor at London Business School, explains in this 2017 HBR article why strategy execution often flops: most "strategies" are vague goals or lists, not coherent choices. He draws on examples like Hornby Railways' turnaround and Intel's innovation process. The piece responds to common complaints about strategy failures despite big consulting efforts and town halls.

Key points

Real strategies make a limited set of clear choices that fit together, defining what the firm will do and what it won't; vague goals like "be number one or two in all markets" or disconnected priorities like "boost efficiency in Europe and divest X" don't qualify.[[1]](https://fenix.ciencias.ulisboa.pt/downloadFile/281612415668498/Many%20Strategies%20Fail%20Because%20Theyre%20Not%20Actually%20Strategies.pdf)[[2]](https://hbr.org/2017/11/many-strategies-fail-because-theyre-not-actually-strategies)
Hornby Railways avoided bankruptcy by shifting under CEO Frank Martin to three choices: perfect scale models for adult collectors that evoke nostalgia, a move that drove major success before later reversal.
Communicate not just the choices but their logic, as Sly Bailey of Trinity Mirror learned, so employees buy in—like Hornby's staff grasping why adults favored nostalgic brands over toys.
Execution isn't pure top-down; pair clear strategic intent with bottom-up experimentation, as Intel did in memory chips, allowing teams autonomy that birthed the Pentium.
Avoid executives hand-picking bottom-up projects; design systems for organic selection, like Intel's formulas for capacity and staffing.
Counter sticky habits by making change the default: question processes ("Why do we do it this way?"), reshuffle teams, or tackle fitting projects unless the old way is clearly superior.

Details and context

Many execution efforts pour resources into PowerPoints, meetings, and scorecards, but stall because there's no real strategy to execute. Vermeulen ties this to his book Breaking Bad Habits, stressing habits block change unless disrupted deliberately.

The Hornby case shows choices in action: from kid toys to collector models, exploiting less competitive hobby markets with high entry barriers. Intel's example highlights balance—top intent on leading semiconductor tech for memory, bottom freedom leading to breakthroughs amid failures.

This builds on strategy thinkers like Robert Burgelman at Stanford, who saw successful firms blend top intent with internal selection.

Key quotes

"A real strategy involves a clear set of choices that define what the firm is going to do and what it’s not going to do." — Freek Vermeulen[[1]](https://fenix.ciencias.ulisboa.pt/downloadFile/281612415668498/Many%20Strategies%20Fail%20Because%20Theyre%20Not%20Actually%20Strategies.pdf)

"Sly Bailey, at the time the CEO of UK newspaper publisher Trinity Mirror, once told me, 'If there is one thing I have learned about communicating choices, it is that we always focus on what the choices are. I now realize you have to spend at least as much time on explaining the logic behind the choices.'" — Freek Vermeulen[[1]](https://fenix.ciencias.ulisboa.pt/downloadFile/281612415668498/Many%20Strategies%20Fail%20Because%20Theyre%20Not%20Actually%20Strategies.pdf)

Why it matters

Poor strategies waste time and money on execution theater, leaving firms directionless amid competition. Leaders can use this to audit their plans for real choices, improving buy-in and results for employees and investors. Watch if your firm experiments bottom-up within boundaries or defaults to change—early signs of better execution.