In today’s dynamic, volatile and ever-changing business world, the importance of strategic planning and business strategy is increasing exponentially; but not as we traditionally know it.
Business strategy in 2020 needs to be different. It needs to provide a guiding path, be flexible to cope with changing environments, be innovative and agile. So what are the key business strategy trends shaping 2020?
Linking business as usual with business innovation, guided by strategy
Businesses today operate in dynamic times, many times with no precedent to follow. To survive and thrive in this environment, business-as-usual must be innovative and work outside traditional constraints.
Linking guiding strategy with this level of business innovation is critical to ensuring continued growth, in the desired direction, while allowing flexibility to adapt and change where needed.
Using strategy to challenge
Business strategy traditionally facilitates the achievement of a vision. However, in 2020, traditional methods need to give way to a new way of doing things. Business strategy today must challenge businesses and drive innovative thinking in new areas, encouraging questing of the status quo, stretching the business beyond its comfort zone.
Realising the full benefit from analytics
Analytics has traditionally been used in parallel with strategy, giving a reason to the direction chosen and supporting scenario and target setting. This has been very successful.
But what if this was taken to the next level? What if analytics became an integrated part of business strategy, working to continuously track internal performance and external environment changes, showing the results of small (or large) adjustments? This is the landscape we are moving into in 2020.
Strategically leveraging digital
Many businesses leverage digital. But many are not approaching this strategically. While many businesses are early adopters of the latest digital gizmos, bots and automation, they are often sold a dream, having unrealistic benefits attached and implemented in a rushed, often haphazard way.
In 2020, what if businesses took a more strategic, long term approach? Such as deciding early what the business will do and, most importantly, what the business won’t do. Tracking the benefits of these changes and implementing them carefully and thoughtfully, while still moving with speed.
Transitioning current thinking
Business strategists must also change the way they work and interact with the business; transitioning from being a strategic champion and executor to a navigator and networker. Strategists should be actively involved in the business through partnering to learn lessons, actively implementing methods and networking to drive growth. It’s an agile approach.
How do you get started?
Contact us at vLinkD (https://www.vlinkd.com/working-with-us/#our_method) today. We understand the importance of strategic planning in your business and are experts in agile business strategy and business innovation. Partner with us to achieve your vision in 2020.