In this episode of The CEO Project Podcast, host Jim Schleckser and Sharon Maguire discuss the critical link between strategy development and execution, emphasizing the importance of treating them as an iterative, interconnected process. Using frameworks like Henry Mintzberg’s "Two Loops of Learning," they highlight how organizations must adapt strategies dynamically—refining tactical approaches while continuously reevaluating overarching goals to stay aligned with market changes and organizational needs. The hosts advocate for small, focused strategy teams composed of systems thinkers rather than relying on large, title-driven groups. This approach enables more effective problem-solving and holistic thinking, which are essential for creating and deploying successful strategies. The discussion also underscores the importance of prioritizing a single competitive focus—whether cost leadership, customer intimacy, or innovation—while avoiding the trap of trying to excel in conflicting areas. Effective strategies balance leveraging internal strengths with understanding external market dynamics, ensuring that objectives are both actionable and measurable. Leaders are encouraged to focus on three core areas: financial growth, operational improvement, and strategic extension, such as entering new markets or launching new products. By fostering alignment through techniques like the Japanese "catch ball" method and engaging the organization in execution, businesses can ensure their strategies drive meaningful, sustainable outcomes.