Get a copy of your strategic plan. What is the ‘strategy’ in your strategic plan document? What is your business model defined in your strategic plan document? How do you plan to create and sustain value? Open and go to the specific page in your strategic document with answers to these questions are answered.
Chances are that you cannot find a specific page with those answers in your strategic plan. You are not alone.
In these pandemic times, thinking differently is the sure way to win. The pandemic has brought business disruptions of unprecedented proportions. The winners had developed resilient strategies that have withstood the COVID-19 shocks. Using technology solutions to deliver value has proved to be a great strategic choice. Not everyone who has automated their businesses has succeeded. To win, you must have identified and understood the customer journeys and implemented solutions that make the experience outstanding.
With the new realities of remote working, physical distancing, and reduced travels, companies with digital delivery channels from onboarding to service delivery with great customer experience in mind have registered tremendous growth. Many entities have had to adjust faster to enable remote working and service delivery. That meant revising their strategies to win in both the short and long term.
If your strategic plan was not “strategic”, or COVID-19 proof, by now it is in the drawers or your computer folder you no longer open. To win, you need a strategy that is relevant for the new era.
A good strategy
- Focuses on a few things
- Defines a specific choice to win
- Solves a strategic problem to tap into any opportunity available for your kind of business
- Defines specific target markets and the services or products to offer
- Defines the business model and how to optimize shareholder value
- Has a clear revenue strategy
- Has a financing plan or budget to implement the chosen initiatives.
Is your strategic plan COVID-19 proof?
Copyright Mustapha B Mugisa, 2020. All rights reserved.