The second article on this topic is about:
When to REFRESH a strategic plan?
An appropriate mind setup should be that strategy is not a “once a year” activity; it’s part of company life evolution, influenced by internal changes, trends, technology, competition evolution and other factors. As leaders, we must ensure our strategy is clear and understood. The factors below should help you understand when you should consider an update / refresh of your strategic plan:
1. Common sense moments for new strategies.
We usually talk about new strategies when the companies we are leading are in the position from this picture.
We don’t want to talk much about these ordinary moments because most of you know that it’s time for a new strategy when you are here.
2. Your brand expression looks dated.
Your original brand strategy was both cutting edge and sustainable. But sometimes market tastes shift beneath you, competition changes, customers’ expectations change, the environment changes.
3.You want to signal a change.
Sometimes you just need an opportunity to tell a new story. A refreshed look and feel, a new product, a new service – even a new name – may be what you need to attract attention, build awareness and capture market share through a new strategic approach in communication, but not only.
4. You need to meet agility and performance needs.
Sometimes you are just organizing your activity better by using software, mobile apps or getting your business mobile, in order to provide better or new services to your customers, in order to save some costs or to be more efficient.
This is also a moment when you need to communicate because these will affect daily activities.
Competition is increasing and this situation happens more often than other factors we’ve mentioned here.
No matter if the refresh is Tactical or Strategic, it should be an exercise in listening, brainstorming, and generating ideas from all levels of the organization. Strategic planning provides a great opportunity for leaders to:
– listen to the organization’s employees and customers,
– develop new connections and strategic partnerships,
– build excitement with a better sense of direction throughout the organization.
If you still have a dilemma on a strategy change / refresh, you can always ask professionals you trust.
Head of strategy