Strategic thinking and planning has always been important to a business' success. Now, perhaps more than any time in most of our lifetimes, it is crucial. There's been a lot more talk about it since the financial crisis. Some of that talk is right on target, while some is just tossing the word strategy around like an MBA wannabe. Many get too far down in the weeds to create effective strategy.

Solid strategy must come from the highest levels of a company with the board and senior executive team working in concert. And it must be a 30,000-foot view.

Think about the Apple Computer. Is its strategy to make a sleek, white cell phone? No. Apple's strategy is to differentiate itself by taking existing electronics and make them better. Those at the top then rely upon the staff to make that happen. BlackBerry comes out with a smart phone, Apple comes in behind it with an easier to use, more fun iPhone. Amazon introduces the Kindle, and Apple responds with the iPad.