Where Do We Go From Here? Three Ways to Ensure Successful Strategic Planning
Three Ways to Ensure Successful Strategic Planning
Months after the COVID-19 crisis first began, many CEOs and business leaders are focused on one important challenge: strategic planning for the future.
They are taking a hard look at their strategic plans (which they built for the pre-COVID-19 market). Moreover, they are asking: Where to do we go from here?
Whether you’re a midsize business or a multi-national corporation, there are three things you can do to ensure your strategic planning will be a success.
1. Surround yourself with smart people—you’ll need their insight.
While leading an organization is often a solitary endeavor (and executives can feel lonely in the trenches), now’s not the time to hunker down or make decisions in a vacuum. Especially when doing strategic planning, you need inspiration and perspective.
Many times, you can only find that critical insight when you connect with smart people who have proven experience and who have your company’s best interest in mind. In that case, consider taking on a business advisor—or creating a panel of advisors—a team of trusted individuals who can provide honest, direct feedback and guidance. As you think about the path forward and the many possible scenarios that may or may not play out, having some expert guidance is well worth the investment.
2. Be willing to walk away from your current strategic plan. It’s no help if it won’t work.
Once you know what recovery means for your business—and which new market opportunities are worth pursuing—you’ll need to make some serious changes to your current plan. Otherwise, simply toss your old plan and start over. Sometimes the smartest thing to do is step outside of your comfort zone and be willing to walk away from your former plan and take smart steps to the unknown. There’s no better time.
3. Refocus on your mission.
So, what should your organization look like after the crisis? Where are you going in the future? Do you have the right talent? Is everyone aligned to get there? Being clear on your mission will help guide your conversations, your decision-making, and your strategic planning for the next three to five years. It can also help inform whether you need permanent changes at your organization to achieve the broader vision of your work.
If you need help setting a new course, let our interim, part-time and project-based executives help lead the way.