Issue No.53: Strategy is Continuous
What does this look like in practice?
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Strategy design is often viewed as an annual event. This makes it a static roadmap that is set in stone until the next cycle.
Whilst an annual method may have worked historically; today’s VUCA world is too dynamic for annual reviews. This means strategy needs to be continuous, adaptive and responsive, based on internal and external information.
What does this mean in detail?
Market conditions are in constant flux. New competitors emerge, customer preferences shift, and technological advancements disrupt entire industries.
If you wait until the next strategy cycle to respond, you may miss out on opportunities. The pace of change today demands real-time strategic thinking rather than waiting for a predetermined review period.
Alongside market conditions, businesses have access to an abundance of data that can guide strategic decisions. Therefore, a mindset of analysis, iteration and refinement can occur based on current market conditions and performance indicators.
This means, especially for startups, you need to encourage an environment to continuously test new ideas, pivot based on insights, and scale what works. This creates a cycle of iteration and feedback loops, that leads to faster decision-making and improved performance, that meets stakeholder expectations.
What does this look like in practice?
A continual strategy approach means finding the regular cadence that is right for you and your business. The review points become events that allow you to assess progress, analyse key metrics, adjust plans accordingly and keep teams focused on execution.
Data is key to this process and being really clear on the metrics that you want to monitor and be able to benchmark against these, allows for informed adjustments to strategy.
There are ways that this can occur through monthly sprint-type activities, stretch scenario planning or dilemma testing. These approaches allow leaders to proactively address risks and seize opportunities as they arise.
Strategy isn’t a document - it’s a discipline. It is a living, breathing process that evolves alongside your business and leadership style.
A continuous strategy approach encourages adaptability, which is key to business because the longer you stay in the game, the greater your chances are for success.
Do you think it is time to move beyond the annual strategy cycle?
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