Effective Strategies for Uncertain Times 

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Barry Horwitz explains why developing strategy is even more important when instability and uncertainty are the norm. 

‘There has never been a time in which managers did not invoke the idea that the world is changing faster than it’s ever changed before.’

Nitin Nohria, just-retired Dean of Harvard Business School

Pandemic, rampant unemployment, economic uncertainty, climate change, political upheaval.

And that’s just what you’ll find above the fold in today’s newspaper. Given all the turmoil and confusion across the board — about today, let alone tomorrow — is there even any point in developing a strategic plan for your business?

Of course, as someone who trades in strategy, my position on this question is pretty easy to guess: The answer is a resounding YES.

Two reasons…

First, because as Dean Nohria and many others have observed over the years, we humans are biased towards believing that change today is happening more rapidly and more broadly than ever before. It’s not. The specifics may be different, but rapid change has always been a given.

Second, it depends very much on what you envision when thinking of a “strategic plan.” If your answer is, “a fancy, dust-gathering binder full of financial projections and dozens of pages of text assembled to spell out specific plans for five years into the future,” then I agree, it’s a waste of time.

But that’s not what an effective strategic plan looks like.

 

Key points include:

  • Strategy to determine purpose
  • Strategy is direction
  • Strategy recommendations

 

Read the full article, Is Strategy Still Relevant?, on HorwitzandCo.com.