As Elliot Wilson, a consultant at Catalant, states: “Any significant change in the macroenvironment (whether political, economic, social, cultural, technological, legal or environmental) requires an adjustment in your strategy. Nowadays, the problem is that these changes are constant, so strategies must be agile and adaptable. To ensure that your strategies are flexible enough to help your organization succeed in unpredictable times, here are eight tips from expert strategy consultants. Strategic flexibility allows your business to adapt and change to succeed.
Rather than rigidly defining success as a result obtained through a single, predetermined method, companies with strategic flexibility expand their definition of success to encompass multiple methods and results, while retaining sufficient specificity to know how to move forward in the most effective way. The ability to effectively adjust the strategy in all seasons, in both good and bad seasons, will ensure a prosperous future for your small businesses. Harvard Business Review reported that 95 percent of employees don't know or understand their company's strategy. To address this issue, leverage your data strategy to “adjust the alignment between your strategy and data efforts and, ultimately, maintain or improve your growth potential.” Companies have discovered how to experiment quickly and frequently not only with products and services, but also with business models, processes and strategies.
1.Establish a Clear VisionThe first step in creating a flexible strategy is to develop a clear vision of what you want your company to achieve.
This vision should be specific enough that it can be used as a guide for decision-making but flexible enough that it can be adjusted as needed. It should also be communicated clearly throughout the organization so that everyone is on the same page.
2.Set Achievable GoalsOnce you have established a clear vision for your company, you need to set goals that will help you achieve it. These goals should be specific and measurable so that you can track progress towards them. They should also be realistic and achievable so that they can be accomplished within a reasonable timeframe.
3.Monitor Market ChangesIt is important to stay up-to-date on changes in the market so that you can adjust your strategy accordingly.
This means monitoring trends in customer behavior, competitor activity, industry regulations, and other factors that could affect your business. By staying informed about these changes, you can make sure that your strategy remains relevant.
4.Be Open to AdjustmentsIn order for your strategy to remain flexible, you need to be open to making changes when necessary. This means being willing to try new things and adjust existing plans if they are not working as expected. It also means being willing to take risks when necessary in order to stay ahead of the competition.
5.Utilize TechnologyTechnology can be a powerful tool for helping businesses stay agile and adaptable.
By leveraging technology such as artificial intelligence (AI) and machine learning (ML), companies can gain insights into customer behavior and market trends more quickly than ever before.