How is strategy changing?
Company strategies are changing quickly, with more and more firms rethinking the way they give direction and purpose to their business.
In fact, many of the old methods of planning strategy have now become redundant, with companies facing the reality that their strategic needs are not static and must change over time.
Instead of strategies being single documents which are handed down to staff, firms are now looking to find more collaborative and innovative solutions to guide their business into the future. With that in mind, here are three key trends in modern strategic planning.
Strategy belongs to everyone
In the past, strategy was formulated at the top and then handed down to the rest of the company to execute. While this may have worked in the past, it is not enough to keep companies competitive in the 21st century.
Now, companies are demanding that all levels of the business take part in the strategy-creation process, with feedback given from across the firm. This move has also been facilitated by new business strategy software, like StrategyBlocks. These allow different people within the company to contribute to the organisation’s overall direction based on their skill set, rather than their job title.
The future is more important than the past
With disruptive business models appearing in almost every industry, the past has become less and less important as an indicator for future profitability. Companies are now choosing to do more with their strategy than simply continue the successes they have seen in previous years. Now, the focus has moved onto what the future holds and how company strategy can respond to these challenges.
Communication is key
Good strategy needs to be accessible to a wide audience, so that people can easily access information needed to do their jobs properly. Successful company strategies and highly visible and easy to understand for anyone who has to realise these projects.
Poorly communicated company strategy is ultimately ineffective, no matter how insightful the strategy itself is. Getting your communication processes right is essential for achieving your company’s strategic goals.