Adapting strategy development to our modern, fast moving world
A business strategy can be defined as the combination of all the decisions taken and actions performed to accomplish goals, pursue purpose, maintain a competitive advantage and create value for stakeholders.
Ultimately it provides the roadmap which leads an organisation to its desired goals.
However in today’s rapidly-changing, complex and uncertain business environment, it is essential organisation take a different approach to developing and implementing strategy. The traditional 3 – 5 year strategic plan developed through a top down approach simply doesn’t work.
Our new environments require a more experimental approach, enabling strategies to ‘emerge’ from the across the organisation. While the board and senior executives set the broad framework, staff should be allowed to hypothesise experiment and adapt to the needs and opportunities they identify.
The board and executive need to quickly identify which ‘experiments’ are working, and grow them.
However changes to how strategy development is done, cannot happen in isolation but needs to be considered the context of the entire organisation.
How we can help our clients transform their strategy development processes:
- Assess how suited their current strategy and approach is to the level of complexity of the organisation and the industry or eco-system in which it operates.
- Using our 6C Framework, assess the alignment of Strategy with other business systems – governance, management & operations, risk, finance & resourcing and workplace culture.
- Prioritise where change is required
- Develop a plan to undertake the transformation required
- Work with you to implement that change
We do this by a combination of the following:
- Review the current strategy and strategic planning approaches
- Collect and analyse data to support strategy development
- Facilitate input from key sources within the organisation
- Develop new approaches to strategy development, as required
- Develop and document strategies and frameworks
- Engage the board and executive team in the strategy development
- Assist in staff and stakeholder engagement
- Work with you through the implementation phase, including establishing reporting frameworks, monitoring performance and reviewing alignment of tasks with the strategy and purpose