You're working on a business strategy. How can you make sure it's adaptable to changing times?

The critical factor is not time, but the constantly evolving conditions that every business must navigate. A meticulously devised strategy rests on adaptable assumptions and accounts for risks, contingencies, and alternatives. Most importantly, it includes regular reviews that enable strategic adjustments and the integration of emerging dynamics. Resilience, purpose, and agility take precedence over time, KPIs and structure.

As CEO and Chairman, there must be a vision and a purpose. Developing a strategy defines the pathway, the strategic vision to fulfill goals and objectives. Strategies must adapt to the ever-changing world we live in. Adaptability, innovation, resilience are all KEY qualities that must be inherent to the strategic principles which guide our practices. We must assess our strategies, practices and tactics on a continual basis to assure that we are aligned and aware of the changing landscapes, advancing technologies, developing markets and our client/customer base. As the world, technology and people change, so must we. Always look forward, not back. Study, listen and learn. Being strategic is to anticipate and plan for what can be.

Business in the online world is always prone to over-emphasize the newest thing. Staying ahead of the important trends and reacting to every new trend are not the same thing. It is like the story of the people who go hiking and as they walk they see a bear. One guy kneels and starts lacing up his sneakers and his friend says, "What are you doing? You know you can't outrun a bear!" And the guy says, "I don't need to outrun the bear. I just need to outrun you."

Se podría asegurar que una estrategia se esta adecuando a "tiempos cambiantes", entre otros aspectos, cuando se ha realizado un diligente proceso de análisis prospectivo del entorno en que la empresa realiza y realizará sus negocios; especialmente los relacionados a las necesidades de los clientes.

The success of a business strategy depends on how flexible it is and adaptable to changing times. The strategy thus has to made keeping in mind the macro business environment and technological changes in the industry. An updated training culture in the organization helps tremendously in the implementation of the Business Strategy. The assumptions behind the business strategy have to be constantly visited to ensure that they are realistic and in keeping with the times. There have to be landmarks to review the strategic goals and evaluate performance of the Business. There has to be a feedback loop to constantly evaluate the changes made to your strategy and realities of performance. The team responsible should be updated at all times .

To monitor performance, I recommend leaders to leverage a mix of KPIs helping to assess the business health in the key areas (can be broken down per department). Besides, organization will want to identify some key metrics to measure their progress towards strategic goals. They can leverage OKRs for that. Some important things to operationnalize this: -Focus on the essential metrics -Make the information easy to access -Prefer the metrics that are easy to track (when possible) -Create a simple governance to turn this data into something actionnable: Regular Check-in, Review sessions, Action plans to move the needle, etc

Every 3 months, you need to monitor your kpis to see if they are in line with expectations and adjust as required. Each department should have KPI’s the most important indicators to tell if a business is going in the desired direction.

My experience in almost 20 years as a corporate attorney have shown me that monitoring performance is crucial for ensuring that a company remains adaptable to changing times. Here are several reasons highlighting the importance of performance monitoring: 1. Early Detection of Trends and Changes 2. Agile Decision-Making 3. Optimizing Resource Allocation 4. Continuous Improvement 5. Customer-Centric Adaptation 6. Risk Management 7. Strategic Alignment 8. Technology Integration and Innovation In this sense, performance monitoring is integral to an organization's adaptability. It provides the necessary insights and data for informed decision-making and remain competitive in dynamic business environments.

Continuous performance monitoring is crucial to understand how well the business adapts to changes. By establishing clear metrics and KPIs, a business can gauge the effectiveness of its strategies and pivot as necessary. • Establish KPIs: Define key performance indicators that reflect the success of your strategy. • Real-Time Data Analysis: Use data analytics tools to monitor performance in real-time. • Benchmarking: Compare performance against industry benchmarks and competitors.

By now, we have introduced Job Performance Evaluation Forms many times. Depending on previous results, these forms can be conducted from 3 to a 6 month period for every person in a company. KPI show us that through keeping at least one person in charge of monitoring the work and improvements of each department, the staff subconsciously admits to the standard and feels the air of motivation. No extra hour or work goes unnoticed. So the policy of rewarding these individuals based on their performance and what they’ve added to our Mission, is implanted before hand.

The “learn from the results” approach to the business strategy is very much based on continuous monitoring and evaluation of the outcomes. It will help us analysing the performance data, and seeking feedback. These insights help us identify trends, understand market shifts, and adapt strategies accordingly. This iterative process ensures your strategy remains relevant and responsive to changing conditions, fostering agility and sustained success.

As a Business Lead, my priority is to identify the top viable strategies. I will select the path with the least complexity, considering external factors beyond our control. Each strategy will be equipped with checks and balances, including micro objectives and team KPIs. Periodically assessing deviations from the chosen strategy, monitoring external factors that could impact progress, and adjust accordingly. It's crucial to recognize that strategy evaluation isn't a quarterly task; i.e, implementing micro objectives, weekly check-ins, and maintaining a watchlist of critical factors will keep us aligned with our end goal. By adhering to this approach, we maximize our chances of success despite unforeseen challenges.

I agree with the contributions that others have made and will add one that I have found helpful. We like to use a Standing In The Future exercise and try to describe what we should see and observe at some point in the future. As we progress down the path if our reality is not matching our anticipated future, we need to evaluate changes.

Lo primero que hago cada días es leer las noticias locales/internacionales, y artículos vinculados con mi profesión Priorizo el conocimiento, lo considero fundamental para estar actualizada y así responder a los requerimientos de mis clientes en forma satisfactoria. En cuanto a mi vida personal, intento preservar mi salud física y emocional ante todo, y el vínculo con mis seres queridos, familiares, amigos, y estar motivada para generar nuevos vínculos. Intentando alcanzar las metas propuestas en ambas áreas de mi vida, me siento en condiciones de, seguir aprendiendo cada día, a disfrutar de los buenos momentos que están a nuestro alcance más cerca de lo que imaginamos. Por último, aceptar sin temores los desafíos de todo tipo.

Absolutely, learning from results is pivotal. Beyond adopting methodologies like Plan-Do-Check-Act, Lean Startup, and Growth Hacking, integrating data-driven decision-making is crucial. Utilize analytics to inform your strategies, ensuring they're backed by concrete data. Moreover, fostering an environment that not only encourages innovation but also supports risk-taking is essential. This creates a resilient organization that can swiftly adapt to market changes. Emphasizing continuous learning and adaptability ensures that your strategy remains relevant and effective in meeting customer and stakeholder needs.

Não tenho dúvidas de que o fator chave para uma estratégia ser vencedora é o claro envolvimento do time, principalmente quando podem participar da criação da visão e objetivos. Um ambiente em que se garante segurança para as pessoas poderem errar, aprender e mudar rápido e cultura de feedbacks pontuais e imediatos aceleram a adaptação e execução da estratégia, pois permitem identificar e corrigir os erros inerentes ao processo.

Para assegurar que uma estratégia de negócios seja adaptável aos novos tempos, é fundamental promover o envolvimento ativo da equipe em todo o processo estratégico. Uma equipe engajada, alinhada com a visão, missão e objetivos da empresa, contribui significativamente para a adaptabilidade da estratégia, pois a diversidade de perspectivas e a inclusão de diferentes pontos de vista podem enriquecer a tomada de decisão e fomentar a inovação. Estabelecendo uma comunicação aberta e transparente, onde todos se sintam valorizados e com liberdade para expressar opiniões, é possível criar um ambiente de trabalho coeso e resiliente, preparado para navegar por mudanças e superar desafios de forma unificada.

Team, I will say Talent which is the most important part of business. Any leader who is highly capable having lots of resources but can’t work without Talent. Preparing SOPs, policies, documents and many more are part of strategic business decisions but can’t be achieved until involvement of Talent. We need to involve respective Talents in the development, execution, and evaluation of business strategy and empower them to make suggestions, raise concerns, and propose solutions. In addition to this, We also need to communicate business strategy clearly and consistently to relevant Talents and align their roles and responsibilities with business strategic goals and objectives. Strong Team, Strong Business.

I once planned a strategy that I was 1000% sure would get us where we wanted to go. It was a complete fail. Not because the principles weren’t right or because it wasn’t planned. Because I underestimated how much I need other people to also buy in to get the result. Strategy doesn’t work without execution. And you can’t execute everything by yourself. Team alignment is not just about knowing what we’re doing but why and who is the person that will own parts of the whole.

Involving your team in the strategic process is invaluable for gaining diverse insights and fostering a sense of ownership among employees. Engaged teams are more likely to be committed to the strategy and contribute to its evolution. • Collaborative Environment: Encourage a culture where team members feel comfortable sharing ideas and feedback. • Diversity of Thought: Assemble diverse teams to ensure a wide range of perspectives are considered. • Empowerment: Empower employees to take initiative and make decisions that align with strategic objectives.

Strategy is not a static event - rather it is an evergreen process. It needs to be reviewed and updated regularly to ensure progress is being made against stated goals and that the strategy is still relevant given changes in business conditions.

To ensure your business strategy can adapt to changing times, it’s smart to review / revise it as needed. But when is it needed? Start by asking these 4 questions: Since launching your strategy: 1️⃣ Has your company made any big introductions or changes to your products / services? 2️⃣ Have you expanded outreach to a new core customer? 3️⃣ Have market conditions shifted how customers are purchasing? 4️⃣ Has new tech been introduced / existing tech been replaced in your company or in market? Answering ‘yes’ to 1+ of the above warrants a strategy review. Couple this with ongoing performance evaluations and deployment of work in shorter sprints. It will become more evident when to stay the course and when to pivot.

Considering the fast moving environment, a cycle of 3 to 4 months is often enough to have valuable feedback from the market and teams. It can serve as a cycle lenght. When entering a new cycle, you can look back at what worked, what did not. You can leverage retrospective of your OKRs for that. And from there you can define your next quarter strategic focus and priorities.

I prioritize flexibility by incorporating regular review mechanisms and agile methodologies. For example, if a shift in consumer preferences is observed in the weekly review call, it can be dealt by adjusting the marketing approach and leveraging digital platforms to reach the target audience effectively. This ensures that strategy remains responsive to changing times, and fosters resilience along with a sustainable growth in dynamic market environments. Further, it is also important to foster a culture of innovation and experimentation within the team to adapt to the changing times swiftly.

El gran problema que se presenta al evaluar la estrategia es la falta de disciplina la revisión periódica. La estrategia no debe ser una presentación olvidada en un cajón, debe materializarse en acción y ser monitoreada con indicadores claves bien definidos. Si no contemplamos la importancia de los indicadores y su revisión constante, estamos acabados antes de iniciar el proceso...

Let’s be really clear: it’s not strategy that has to adapt to changing times, it’s people. If the people on the strategy and execution teams are adaptable, the strategy will be adaptable. If the people on the strategy and execution teams are rigid, too methodical, or tied to prescriptive process - the strategy will take forever to execute and won’t be adaptable. Here’s why: this archetype is focused on planning in an effort to squeeze out ambiguity because they are uncomfortable with the unknown.

One of the changes that can have significant implications on a business is a seismic shift in its stakeholders' needs, requirements, and expectations. In order to proactively manage this, it is crucial to practice effective key stakeholder engagement; and this should be an integral part of a sound business strategy.

It's important to understand the context for the business strategy. In a fast changing environment, the strategy needs to consider alternatives and needs continuous monitoring. In slow moving industries, it may be ok to monitor and adjust periodically. Key is to monitor, iterate, adapt and keep your stakeholders informed.

I have found that maintaining an external (or environmental) focus while developing and executing a business strategy is critical to ensuring a level of flexibility and adaptability is baked into an organization's strategy, and to ensure that key signals are not missed. Holding regular, documented communication with key stakeholders is also important, so you know when needs and interests are changing, and where possible alignments can be made. Leaders should also learn to encourage employee feedback and hold sessions with frontline employees as well as managers to understand pain points with clients, trends, and possible improvement areas. This data can be tested or verified using market data and used to feed into strategy development.

Is the business strategy aligned with the purpose of the organization? Is this contributing to creation of long term value for the company and its stakeholders? Are we engaging and involving the right people in getting feedback on our actions as an organization?