Strategy is epically important for a business. Often, CEOs and senior business leaders get caught up in the tyranny of the urgent—focusing on what needs to be done right now—and forget the significance of key strategic decisions.  

This reminds me of a former employer of mine. I was a senior executive at Vodafone, and earlier this week, I was reminiscing with another former senior exec about how things have gone so wrong for the company. It’s a great story about why strategy matters so much.  

Think back to the early 2000s when Chris Gent was the CEO. Vodafone was making bold moves, acquiring Vodafone Italy and Vodafone Germany, and making significant investments in the U.S. and Asia. The company’s global presence was united under the sponsorship of the Ferrari Formula One team, with legendary drivers like Michael Schumacher and later Lewis Hamilton. A German driver in an Italian car, backed by a British company—it was a powerful symbol of unity and success in Europe.  

Then, a major misstep happened. In 2014, Vodafone sold its 45% stake in Verizon Wireless, the American mobile operator, for $130 billion. Since then, the company’s trajectory has been one of decline. Vodafone Italy is gone. Vodafone UK is merging with Three—its future uncertain. In Africa, competitors like Etisalat are circling, looking for acquisitions. In Germany, rumors suggest that industrial groups are eyeing Vodafone Germany, the former Mannesmann, for a takeover. The Vodafone empire and brand seem to be collapsing.  

What strikes me most is the question: what happened to the $130 billion from that sale? Over 10 years later, there’s little to show for it. The money was spent on network upgrades and spectrum—important, but not transformative. No big strategic moves were made.  

This highlights the importance of regularly stepping back as founders and CEOs to reflect on strategy. What is our long-term vision? What is the lasting impact we want to make? To truly shape an industry and a business’s future, we must make bold, strategic decisions that define its direction.