Do You Need to Upgrade Your Strategy?
Technology disruption, the war for talent, inflation, and recessionary pressures are creating the perfect storm for many businesses. To succeed, we believe that it’s time to rethink and upgrade your strategy to meet the current and future challenges.
No longer can leaders hold isolated strategy retreats and coast along the same old paths; you need to reimagine the journey forward and invest in the leadership capabilities required to create more innovative, agile, and resilient teams and organizations.
Upgrade Your Strategy by Consistently Updating the Strategic Context
When it comes to successful strategy execution, context matters. Similar to unsuccessful change initiatives, unsuccessful strategies usually fail to create strategic initiatives that make sense within the overall market, competitor, culture, and talent realities that the strategies must be implemented within.
The most effective strategies test their strategy, culture, and talent assumptions each quarter (more often when big changes occur) to ensure that the quality of their strategic plan is equal to the challenge of their objectives.
If your strategy does not explicitly include key assumptions (co-created with key stakeholders) that form the foundation of your strategic initiatives, then the chances are that you are creating tactics, not big strategic bets. And unless you have created the next iPhone, tactics will not win in today’s marketplace.
3 Steps to Upgrade Your Strategy
The Bottom Line
Strategic plans should be living and evolving documents. To succeed, you must also have a strategy that takes into account the challenges of the future, adapts frequently to market realities, and that is up to the challenge.
If you think it may be time to upgrade your strategy, download 7 Proven Ways to Stress Test Your Strategy to see where you stand.
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