Why was I laughing, my neighbours were probably wondering – not a “ladylike” titter but a big, out loud guffaw (what Jamaicans call a “dutty laugh”)? For the first time since the pandemic hit, I had looked at my 2020-2023 Strategic Plan. The only thing to do was laugh!
When COVID-19 lockdown hit, I had just completed the facilitation of strategic plans for 3 clients, plus my own strategy review. In the turbulence, those plans, understandably, all got submerged. When the fight is for survival, it’s hard to think about strategy. The last few months have been a tumult of physical, emotional and mental upheaval. If we think of what we have gone through via the lens of a grieving process, we are likely in the moving on phase. As uncomfortable as it may be, we are realising that things are not going back to the way they were, yet we have no clue what the future will look like. But if you have decided that you are here for the long term, now is a good time to review and rethink your strategy. If you have seriously engaged in strategic planning, you already know that the future is uncertain, you just didn’t know it would be THIS uncertain. In light of this, how do you plan strategy? Should you? Here are 3 things to consider to think strategically about the future of your business:
- ENVISON THE FUTURE:
- YOUR MISSION: In a previous post, I wrote about the importance of your mission: If you haven’t yet done so, take a look at it.
- SCENARIOS: Think about possible external scenarios – worst case, best case, likely case. For your worst case, push yourself to the limits to imagine the absolutely worst that could happen. Doing this actually relieves some of the fear – if you can imagine it, you can plan for it.
- LISTEN TO THOSE WHO MATTER:
- CUSTOMERS HAVE THE ANSWERS: have one-on-one conversations with your customers and clients. Don’t assume you know. Find out what changes they are experiencing, how their behaviour is changing – not just buying behaviour, but lifestyle behaviour, how they see their future and what help they would appreciate from you. Moving forward, your strategy should reflect what you have to do differently to meet their new needs.
- YOUR TEAM KNOWS MORE THAN YOU: have conversations with your team members, especially those on the front line – ask them the same questions you asked the customers. How are they seeing the future? What do they think the business needs to be doing? How prepared do they feel?
- DON’T DO THIS ALONE: involve your leadership team, your Board of Directors, a strategy facilitator.
- CHOOSE YOUR STRATEGY TOOLS:
- BLUE OCEAN: look at your business anew. I highly recommend the Blue Ocean Strategy approach which posits that you search for “uncontested market space where the competition is irrelevant”. What a great time to do this, as your competitors are splashing around and eating each other in the bloody red ocean. Search for a way to get out of that water!
- BALANCED SCORECARD: Develop your strategy using the Balanced Scorecard, the best strategy articulation and management tool I have found (and have been using for over 15 years). It is particularly helpful in these times. For example, when the pandemic hit, one of my clients that uses the Balanced Scorecard, asked how she should revise targets for her team. I advised her not to focus on financial targets right now, but on the drivers of financial results – her internal and customer processes. Also, even if you don’t feel confident in setting targets, identifying the key objectives and metrics and collecting data will add significantly to your learning and insights about your strategy.
If you have decided that come what may, your business will survive and thrive, strategic planning is essential. When would NOW be a good time?
HELPFUL RESOURCES FROM MARGUERITE:
When Your Plans Get Upended, What’s Left? Your Mission
Make the Competition Irrelevant (Blue Ocean)
Balanced Scorecard Basics
