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 a 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 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.
All successful businesses know the importance of strategic planning, but they don’t all know the value of reviewing plans annually. Taking time every year to review your company’s performance and realign it with your strategic plan is vital to continued growth and performance. This gives you a road map to follow for the coming year. If you just shove your strategic plan in a drawer and let it gather dust, then it is too easy to veer away from your core business.
So, at the start of this new year, here are some steps you can take to review your strategic plan.
When a year gets underway, it can be so easy to start running from the moment you get back in the office. There are emails overflowing and a long list of things that need to be done. That is why it is so important to make time to review your strategic plan. Schedule a meeting with relevant staff and figure out how your strategic plan is going to guide your operations for the coming year. Don’t let anything else get in the way, and really prioritise this activity. Sure, generating revenue and securing that big deal might seem like it is more important, but in the long term, reviewing how these activities fit into your strategic plan is much more beneficial.
Your review shouldn’t just be re-reading what you have already written but should be about re-thinking what is important to you, and if necessary, shifting your strategies. This will take some planning. Make sure you have relevant information about the previous year’s performance and map out the steps needed to meet your current goals. Make sure all departments and staff bring tangible goals so together you can honestly assess whether they align with your overall strategy and how you will get there.
A strategic review isn’t simply contained within an hour or two. Once everyone leaves the meeting room feeling energised, it can be easy to quickly lose sight of what was said and agreed to. A follow-up and comparison with actual results is critical as the days/weeks/months progress. It is up to you how often you want to conduct a follow-up, but make sure you don’t leave it until the next year to see how things are going. You can tweak your plan or your approach at any point based on the performance of your business or the general economic climate. Priorities change, and being adaptable while still being able to see the big picture is what sets great businesses apart from good ones.
The Bottom Line
Planning for tomorrow and the ongoing future of your business is the only way to ensure success. It might seem counter-intuitive to put some tasks aside in order to conduct your review, but with time, you will see how valuable this activity really is. Take the opportunity that a new year presents to really set your direction, and reap the benefits in the months to come.
vLinkD can help you refine your strategic plan to gear you towards future success. Call us today for an obligation-free consultation and let us help you avoid your strategy going stale.