So what has COVID-19 taught us when it comes to strategic planning?
COVID-19 has no doubt changed a lot of elements of our lives and our businesses. One of the big ones is strategic planning for businesses.
As a business growth consultant working with many successful clients, I have seen how COVID-19 has highlighted the importance of being nimble, able to adjust and pivot. Strategic planning needs to be nimble, ready to adjust if you need to.
Let me be clear on this point, I am not suggesting at all, that you change your values. In fact, values will help to determine your future success and what you want to be known for.
Why It’s Important To Be Flexible With Your Business Strategy?
I often use the following scenario when it comes to being flexible with your strategy.
If you have invited me to your house for a meal, I will ensure that I leave enough time to arrive on time. I will also be aware of the route that I will take. I will also be wondering what we will be having to eat. Therefore, I am envisaging having that meal with you. I am thinking and picturing the end in mind.
However, on my way to you, I come up to road works, the road is closed.
I now have a choice to make. Do I just turn up and let you know that I can’t make it, or do I find another way?
Well, of course, I will find another way to come to your house. The destination (vision) has not changed, but how I will get to you has changed.
Often when the best plans go wrong, we can have a tendency to reduce the big picture, the vision we once had. Some capitulate to the circumstances and never fulfill the dream they once had.
Many will recognise themselves in the story I just shared with you.
However, if we keep true to the vision, we can often find a ‘new way’ to achieve it, when the challenges appear. It is often at those times a business consultant can be very helpful and insightful as they look at the big picture from a strategic point of view.
So, what steps can you put in place now to adjust your approach as you keep true to your big vision and values?
Just Because You Have a Plan Does Not Mean You Have a Strategic Plan
The fundamental principle of an effective strategy is the awareness of what to do and what not to do. This leads to increased success in life and in business. Being aware of where to invest time for maximum results can determine the success of a business.
The word strategy can be overused at times and not fully understood. Strategic planning is about taking a very deep dive into planning and then wisely deciding on what to do and what not to do.
For a strategy to be effective, it needs to:
- Have a timeline
- Include relevant key performance indicators known as your KPI’ These are going to be very important to track the progress being made
- Have the power of vision behind it
“Never underestimate the power of vision and strategy. Together they can be a powerful force.”
Strategy can give birth to the vision, but don’t just rely on vision. Vision is very important however a clear blueprint of how the plan will come into existence is key for success.
In my white paper on – What to consider when developing a business strategy, I highlight some fundamentals that must be included in a strategic plan if it is to succeed. To read more about this click here.
An effective strategy may also highlight tweaks that may need to happen along the way.
The more you can put in at the front end of planning will enable you to see this from a big picture perspective and then allow wisdom to guide you in your decisions of how and when your plan will be accomplished.
“Strategy is about having the awareness of what to do and what not to do.“
How would you rate the importance of having a strategic plan for future success?
Strategic planning is very important when it comes to developing a successful business. This type of planning will take the vision and put legs on it so that you can walk towards your desired goals.
I often call this ‘Taking your vision from head to paper’. Creating a strategic plan will ensure that you are putting together the roadmap for how you are looking to achieve your vision.
Covid has certainly reminded us that we can keep the big picture, the vision for building a company or project, however, we may also need to be adaptable in how we will achieve it.
Finally, one other area I have noted with many clients is that being flexible, open to new ways, has often led to increasing the profitability line. Just because revenue may have decreased for some, does not necessarily mean the profit has reduced, in several cases I have seen it increase. Often their ability to be flexible is the reason.
So, how will you embrace being flexible whilst holding on to your values and keeping your vision and goals in mind?
Vision and strategy are a powerful combination when it comes to building a successful business. To read more about this click HERE.
Do you need help with your strategic plan?
Unfortunately, too many plans fail because of a lack of strategic thinking and planning. Often on big projects or as one may think about their career or development of a company and team, to have a business growth consultant come in can have huge benefits.
They will see things that you don’t see. They will ask insightful questions that can save a huge amount of time and revenue.
As a business growth consultant, I am pleased to be working with high performers who have a process in place to ensure they don’t get distracted and that they make wise decisions of where to invest their time to enjoy maximum benefit.
Maybe now would be a great time to invite someone in to look at your vision, missions, values, product offerings, management, team, and customer engagement to help you grow to the next level. This could be one of the most important decisions you have made for a while that can bring huge rewards.
To learn more about how coaching could impact your business click HERE.
How has Covid-19 impacted your strategic planning and how well are you responding? Do let me know by dropping a message below.