“You don't need to be perfect, if you're 96% sure that's all you're entitled to in many cases. I see these people doing this due diligence and the weaker they are as thinkers, the more due diligence they do." - Charlie Munger

Working on strategy tends to be procrastinated due to fear of the unknown and uncertainty. The tendency will then be to turn it into an exercise of certainty, for example treating revenue planning (less certain) the same as cost planning (more certain).

In this example, revenue planning is different from cost planning because customers are in control, and it's difficult to predict and control customer behavior. Other examples include copying a competitors behavior or looking only at historical data to project ahead.

Embrace the imperfect nature of strategy: Accept imperfection and unpredictability. Strategy aims to increase the odds of success, not guarantee certainty. Embrace the discomfort that arises due to uncertainty.

Be wary of self-referential strategy frameworks: Don't solely focus on controllable aspects. What an example of good strategy will look like is narrowing down which products to develop and which industries to play in. Overcome cost-based thinking: Control costs but remember revenue is customer-driven. This requires making hard choices and taking risks.

Keep the strategy statement simple: Summarize strategy choices concisely. Use simple words and concepts. Avoid lengthy planning documents.

TLDR: Encourage a disciplined strategy-making process. Ensure there is no confusion on strategic development and strategic planning. Follow three rules—simple strategy statement, embrace imperfection, and discomfort is a good sign.

Source:
https://hbr.org/2014/01/the-big-lie-of-strategic-planning