Developing and Implementing Business Strategy in a Post-pandemic World
Belden Menkus shares a practical post that summarizes how to rebuild your business strategy process for a post-pandemic world.
Covid-19 has caused broad acceleration of existing trends. So, what does this mean for strategy – particularly how organisations develop and implement them?
This is the second of three articles in which I explore the impact of Covid on strategy. The first is at: https://www.linkedin.com/pulse/when-picture-blurred-change-frame-belden-menkus
In several months we have seen change across multiple areas that we might have expected to take years: technology adoption, lifestyles and workstyles, identity and belonging, political power. These individual changes combine and reinforce each other, leading to unexpected outcomes – and then further, even faster change.
As it has in many areas, Covid has accelerated existing trends in strategy:
1) Goal (financial) >> metrics of value (financial and non-financial)
Profit, share value or cashflow >> financial adequacy, environmental sustainability, community and employee development, among many others.
2) Exclusive >> inclusive
Top team (plus strategy specialists) >> internal working groups and external stakeholder participation.
Secret >> widely shared.”
Command and control silo-based implementation >> empowerment and coordinated cross-organisation action.
Key points include:
- Assumption of predictability >> acceptance of unpredictability
- Destination and roadmap >> identity and choices
- Event >> process
Read the full article, Rebuild your strategy process for a post-Covid world, on LinkedIn.