Your company’s strategy is not the framework that you use for making it grow. It is the actual backbone of the organization. That is what brings together all aspects of a holistic definition – the purpose of the company’s existence, the values it stands for, the people it wants to attract and the road it wants to take. Undergoing a strategic leadership program will help you understand more about each of these in detail. However, the biggest thing to understand is that a strategic plan is not written in stone. It needs to be revisited and also reinvented from time to time. It needs to be tracked and course-corrected as well. Why does one need to do that?
Here is why you must never stop evaluating your strategic plan.
- Market changes are inevitable – The market changes that we are experiencing in current times are inevitable. They will take place and the pace of change will only increase further. Given the kind of dynamic environment around us, our strategic plans will need to be revised to imbibe those changes that affect it. They will need to reflect these changes so that that the organization is equipped to manage the growth it wants.
- Talent pool is changing – Our talent pool is changing and again rapidly so. It is more diverse, more geographically spread, more virtual and technology-savvy than before. We are in that phase of growth, their newer individuals are joining the workforce each day. The millennials are giving way to Gen Z. Women are returning to work after breaks. The gig economy is becoming bigger and more widespread. These are huge changes and so evaluating the strategic plan on an ongoing basis helps you be aware of how you need to attract and retain your current and future employees.
- Competitive advantage should be maintained – No matter how well your business is doing, or how fast your organization is growing, you need to maintain your competitive advantage. That means taking a check of your strategic plan regularly, to see if it is continuing to help you leverage your strengths. Competition is entering the market and no idea seems to be a totally unique one, with multiple players using the same one. So knowing and then sustaining the advantage is a big challenge in itself. If your plan deviates from that advantage, you need to be aware and bring it back on track.
These are some big reasons for making sure that you and your leadership team members are constantly checking on the strategic plan. That not only keeps us on track for the growth we plan for our ventures but also the way we approach that growth.