I can't remember how many times I've heard company leaders, directors and, to a lesser extent, owners say they don't formulate strategy nor have a strategic plan "because everything is changing so quickly, any plan would be out of date". Statements like this are akin to saying we are too busy running (the company) to look where we are going or plan where we might head. Is this smart or is this dumb? I think the latter.
The problem with simply responding as the environment around you emerges—with not planning for the future—is that a competitor may do something that catches you completely off guard. To be caught flatfooted like this could spell disaster for your business.
A reasonable middle ground between a long, highly detailed strategic plan that probably won't get read or actioned, and no plan at all, is a succinct plan. I'll call it a smart strategy. A smart strategy has several defining characteristics:
I've seen this approach work well in many different organisations. If you'd like to explore how it might work for you, please contact me.
Thoughts on corporate governance, strategy and the craft of board work; our place in the world; and, other things that catch my attention.