“Put an end to the strategy conversation being little more than the opening act to the budget”
This is our take on this McKinsey article, with some real-life tweaks…
Full article: Eight shifts that will take your strategy into high gear
Old school strategy is usually done on an annual basis, spending months gathering inputs, scanning the marketplace for opportunities, threats & formulating responses.
The budget is set & then nothing much happens. So much activity, so little to show for it.
New school strategy involves customers & partners from day 1 so it’s actually solving their most pressing problems.
It also grows your relationships & business while you’re doing it. Not having to wait until the plan is ‘perfect’ is key. Because meanwhile, the market is changing.
- Shift from annual planning to living & breathing strategy. Messy, fast-changing unknowns abound. The yearly cycle is a poor fit. You need a rolling plan
- Avoid just getting to ‘yes’, rather debate alternatives. The old school way is to approve or reject a single proposal. Without other reflections, you’re less likely to make the right choices
- If the first step isn’t doable, the rest of the plan is bunk