Steelwedge Software

Steelwedge Software

How often should we review/revise our strategic plan nowadays?

Posted: 29 Mar 2012 08:00 PM PDT

[Ed. Note: As part of an occasional series, we invite industry experts and webinar hosts to discuss questions from our readers. You can search for these using the  Agility Webinar Q&A tag. In this post, recent webinar hosts Chris Turner and Ed Lewis provide their thoughts] Chris Turner on revising your strategic plan I think it is important to consider not only the frequency of strategic planning, but also the approach to development, deployment and delivery of that strategy. A  volatile, uncertain, complex and ambiguous (VUCA) environment renders predictions obsolete sooner, unexpectedly challenges long-held and implicit assumptions, and generally shortens strategy lifecycles. The external world does not change neatly in-line with our arbitrary calendars and the separation between 'strategy development' and 'strategy execution' has always created an unhealthy disconnect. To combat this, we must confront the paradox of needing to commit to particular sources of competitive advantage, while continually adapting to evolving circumstances. We should inform our strategic paths through a two-way dialogue that takes place monthly, quarterly and annually—translating strategic direction into action and picking-up and deciphering signals of change. This approach requires us to balance 'control' – and the analytical and mechanical mindset that accompanies it – with 'growth' – and the insight driven, curious mindset it encourages.  It  emphasizes the capability to develop scenarios—not just point estimates with a crude 'hi-lo' range, but different possible futures based on discrete sets of assumptions.  Above all, it stresses the overlapping and iterative nature of strategy development, deployment and delivery, which keeps our strategy alive, fresh and relevant.… Read the rest

Posted by computer at 9:14 AM  

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