Planning is a crucial part of ensuring success. But in the fast paced, ever-changing world of business, plans can quickly become broken and out of date. Some businesses and startups decide the solution to this is to simply not form business plans.
This, however, can be a recipe for disaster.
That said, creating a stagnant plan and trying to stick to it as everything around you is changing won’t work very well either. To ensure success, you need a strategic plan that’s adaptable.
You need a dynamic strategic plan.
Adapt and Survive
A dynamic strategic plan doesn’t get caught up in the specifics, because it’s the specifics that tend to change the most. Instead, it focuses on the bigger picture, working towards broader goals. Even if your company and industry is changing rapidly, your goals should remain similar.
If they do change, it’ll happen at a slower pace, allowing you to shift your plan accordingly.
In the meantime, you’ll need to use metrics and KPIs to measure your success.
It’s About More Than Money
Obviously, you’re a business. You want to make money and be profitable, but there’s more to strategy than simply trying to make money. You need measurements and goals beyond the financial. It’s important that you measure quality, efficiency, satisfaction, and more.
All of these contribute the overall health of your company. Even as your methods change, you’ll still want the end result. And proper metrics can assure you’re successfully adapting to shifts in the market.
It’s Not Just About Where You Are, But Where You Will Be
A dynamic strategic plan accounts for the future as best as possible. You might be able to predict exactly how things play out, but as you build up date and metrics, you’ll start to see patterns. Don’t make plans based on where you are right now.
Consider where you will be. Where you want to be. How you will act in that environment?
Accepting That You Don’t Have All of the Answers
A traditional, stagnant plan is a top-down affair. A few high-ranking members of the company assemble a strategy that everyone must then follow. Conversely, a dynamic strategic plan needs open communication.
Even during the formation of the plan, it’s good to get input from different levels of employees to ensure it can be executed successfully.
Open communication will also act as a great warning sign for when a piece of the plan isn’t working.
More Than an End of the Year Review
A dynamic strategic plan needs to be monitored and adjusted regularly. Industries don’t shift a year at a time. Not anymore, at least. Think of a dynamic plan like a living organism, constantly growing, changing, and adapting.
Sound like a lot of work?
It can be, but done right, it will also save you a lot of headache and set you up for success. You don’t have to plan alone. Allow us to partner with you in forming your dynamic strategy.
Contact us today.