Comments (2)
-
Andrew Norton
Nice article, made me consider using dynamic strategy.
-
Brian Hunter
Interesting post. I love the ideas you present here Daniel.
Having a strategic plan is a vital aspect of any successful organization. Unfortunately, most organizations have strategic plans that are really financial plans in disguise.
Profits are only one element of a strategic plan. You need a plan that outlines what you’re going to do to differentiate yourself from your competitors and one that details your innovation strategies. Those key elements are often missing in a financially focused strategic plan.
Thorough strategic planning also looks at how you gain new competitive advantages and other broader concepts that accelerate growth beyond a financially focused plan. Therefore, your strategic planning needs to be a mix of financial planning, strategy-focused planning, long-range planning using research to determine future positions, and tactical planning to determine your execution strategies.
“Failing to plan is planning to fail.” That saying is true for companies today, which is why having a strategic plan is essential. It’s important to build change into the plan and have the ability to adapt it in real time.
These days, a traditional static plan is less desirable and less effective than a dynamic plan. The difference is a static plan is a document that is published, shared with key employees, and then filed away. A dynamic plan goes beyond one-way informing and communicates the plan in a two-way, ongoing dialogue to everyone in the enterprise. It’s a living, breathing, and evolving entity engaging everyone. In short:
These three points are crucial; with a typical static strategic plan, people may not have time to read it or agree with it, so they may not take action. If they find major flaws in the plan, there is no means to provide risk-free feedback.
A dynamic strategic plan allows communication with people and encourages feedback. You’re not telling people the plan; you’re showing them the plan and asking for their help with identifying foreseeable challenges, solving problems before they occur.
Here are some hallmarks of a dynamic strategic plan:
Today, truly successful and innovative companies have a dynamic strategic plan in motion. They have a document that can be added to and refined with graphics, video, and interactive media. They have something that’s moving.
Leaders need to engage people with their plans rather than inform them of their plans.With the rapid pace of change, the traditional static planning system is a dinosaur. Now is the time to redefine what a strategic plan is supposed to be—dynamic.
Nice article, made me consider using dynamic strategy.
Interesting post. I love the ideas you present here Daniel.
Leave your comments
Post comment as a guest