How can you implement a strategy in a fast-changing environment?

The environment will always be fast-changing. Strategy is a long-term focus of unique choices organizations make to distinguish themselves from their competitors. To create a 3–5-year strategy means organizations are committing to deliberate strategic initiatives which aim to reach the desired goals for the long-term. Strategy should also allow for emergent strategies that come via opportunities. Those opportunities are then evaluated based on the strategic pillars that have been created. A poorly designed strategy will be rigid in scope and not allow for new initiatives to be included as the environment changes. A well thought out strategy allows organizations to stay the course while adapting to things that come their way.

Understanding context is not a one-and-done effort, especially in a fast-changing environment. In tech, the thing that changes most rapidly is competitive offerings as new entrants join the market, competitors are acquired by large companies, and funding events provide your key competitors with resources to launch new products or product features. Strategy must be informed by up-to-date market and competitive knowledge, and that requires investment of both financial and human capital to stay on top of. Making competitive analysis a priority is rare in most startups, but without it, the foundation upon which strategic and tactical decisions are made can quickly become flawed.

I have had the opportunity to lead two companies that are considered fast-paced- first as VP of Growth and the other as a CEO. These are the magic methods for me. 1. Make sure everyone is a part of the 'call for change'/. If they ask for it, they will rally around it. 2. Leadership spells things most times. So I ensure that direct supervisors are directly involved. 3. Tie outcomes to people's rewards. You will be incredibly shocked that 90% of employees will support a strategy that impacts their pay, off-days, etc 4. Make sure you have a clear performance model for checking what is done with time and the clear outcomes that are being generated. 5. Celebrate little and quick wins. Others will jump in when they see the results.

Developing and implementing business strategies in a fast-paced enviroment is not such a linear process as this article may suggest. The strategy process needs to be highly agile, iterative and responsive to changes. More tactical moves will be necessary (will explain difference between tactics and strategy further down). Also, the starting point may vary depending on the strategy development approach you follow: Classic approach: Goal-Setting > Analysis > Strategy Dev. > Implementation Design Thinking approach: Problem > Analysis > Strategy Dev (in iterations) > Implementation Effectuation approach: Ressource/Option Analysis > Strategy Dev > Implementation Lean startup approach: Build (Implement) > Measure (Analyse) > Learn (Strategy Dev)

Mr. Cohen makes some great points when it comes to working with distressed companies. You must act quickly to help the company to survive. You don’t always have the time to analyze all of the information you might in a different scenario. However, I have found that there are generally small “wins” that can be addressed in the short term. Focusing on “blocking and tackling” issues such as AR, AP, structure, headcount among other’s.In my experience, focusing on the basics will save money short term and very often point to larger fundamental issues in the business. You can’t cut your way to prosperity however, it can give the company some breathing room to address the larger fundamental issues that may have caused the distress.

Agility and awareness help navigate disruptions and seize opportunities. Adaptive Planning: Keep strategies flexible. Continuous Learning: Stay updated on market trends. Feedback Loops: Use rapid metrics for strategy assessment. Scenario Planning: Prepare for varied future outcomes. Decentralized Decisions: Let teams react swiftly to changes. Build Resilience: Maintain backup plans and resources. Stay Informed: Monitor competitors and industry shifts. Collaborate: Seek diverse insights for collective adaptation.

In my experience defining your vision and goals is the key to implementing your strategy is a fast changing environment. I hang my vision and goals around my office. This includes on my desk, my desktop and a well. In addition keep a copy under reminders in my iPhone and in my wallet. These are constant reminders of the path I want to follow. In a fast changing environment your vision and goals will help keep you steady.

Specific examples that i like to add to the above passage are: [1] Apple's vision - Bring the best user experience and Goals - Develop innovative hardware and software. [2] Amazon's vision - Become earth's most customer-centric company and Goals - Rapid delivery, Vast product selection and exceptional customer service. Another point that I like to add about successful companies is Flexibility, like how Netflix transitioned from DVD rental to streaming or Microsoft pivoted from PC to Cloud. Further, vision and goals should reflect competitive advantage and value proposition. For instance, when Tesla says it is accelerating to sustainable energy, it demonstrates its value by making EVs and developing renewable energy solutions.

I consider vision and mission the most important high level goals of an organisation. - For startups: Start with the mission (what is your purpose/what are we working on daily). The mission is your push factor (what gets you out of bed daily). The mission & vision may change often in startups (e.g. pivot). - For established companies: Start every strategy session with your vision (where are we aiming at). It is your pull factor. In fast-changing enviroments I suggest to review and adapt your vision often: Is this still where we want to head? The mission is usally more stable. - OKR is a useful tool to align high level organisational goals and to derive concrete tasks and KPIs that need to be achieved. Very useful for implementation phase.

I always start any strategic exercise by asking what key stakeholders want to achieve personally in their lives. That drives their behaviours in the organization and the more we can align the personal and organizational vision, purpose and goals the better e.g. around being truly sustainable. I will also add a recommendation as well. If possible, buy or listen to the 2023 book "Be useful. Seven tools for life" by Arnold Schwarzenegger. In Chapter 1, he does an excellent job of explaining clarity of vision and how it has helped him have three successful careers.

Something that is often overlooked when forming and implementing a strategy is what to avoid to achieve your goals. Michael Porter once wrote "The essence of strategy is choosing what not to do" and that is something I always bear with me to keep focus. Choosing and sticking to the choices of what not to do is surprisingly difficult but probably one of the most effective ways to focus your time on activities that actually aims for your vision of the future and not just 'a' future.

In developing the strategy, create cross-functional teams of people from different departments (marketing, finance, and product development, etc) to ensure you have a full view of strategic objectives.

Fast paced is the middle name of start up, turnaround and EBITDA growth arenas! 1. Focus on instilling a culture of over communication at every level. 2. Define the strategy WHY and involve those that are implementers in the HOW and WHAT. Tools are helpful here. 3. Be cautious with fast execution without having the buy in of teams. Often teams don't have buy in because they don't understand and are not a part of the why, what and how. 4. Acknowledge set backs with road map and be transparent with shifts to get back on track. 5. Use tools to stay on course with the human element inserted. 6. Celebrate the smaller wins. Acknowledge milestones. Give ALL credit to teams and team leaders. Reward wins! 7. Stay focused and humble as leader.

Part of developing strategies includes time and resources. I have found creating a high-level timeline with a complimenting RACI chart by department or resource helps get the plan started, then connecting with appropriate leadership stakeholders to secure their support, feedback, and resources, goes a long way in implementing a new strategy.

In terms of strategizing, I would also be careful not to rush into long-term plans. If we have a specific vision and pace of development, we do not need long-term strategic plans; operational and medium-term plans are sufficient.

Storytelling for strategy isn't just about weaving a narrative for entertainment. It's about harnessing the power of stories to engage, inspire, and drive action towards your strategic goals.

Strategy without execution is useless. Similarly, during execution, without communicating about your strategy is meaningless. Communicators need to consider the following: - Think about your audience - Internal Audience - External Audience - Documentation to communicate the strategy - Communication channels - Momentum

People and companies spend so much time on their strategy, but then fail to communicate it effectively. Sharing your strategy internally is vital so everyone is "singing from the same songsheet" as they say. What you say needs to be simple and memorable. It also needs to make sense and have buy-in. Have you ever been "told" to implement a strategy you didn't believe in? How did that go? So, just don't give marching orders, explain the situation and reasoning behind your strategy. Then get behind it, share it and live it!

Great contributions already from various folks. One of the greatest learnings over my career is how critical clarity is to execution of the strategy. Clarity is different than communication and it comes before communication. Clarity is what is included and what is not. Clarity is what is non negotiable when things don’t go as per the plan. Clarity is the distillation of the strategy in an elevator pitch. Clarity is sitting across the folks who believe your strategy is wrong but getting the buy in that at least it is unambiguous. I recommend leaders to think very carefully if they can do all of the above before they plan the rollout of their strategy. Hope this helps other folks as much as it has helped me in my career.

In many years of developing strategies, I've found story-driven strategies to be the most effective. Not only are people able to understand the goals and roadmap but they are armed with a much more human and motivating story of why it's happening, what the power of the change will be, and how it will make things (the organisation, customer experience, people experience etc...) better. Most importantly, they are driven to understand why the strategy really really matters - and therefore also driven to execute on it.

Effective leadership is vital for implementing strategy in a fast-changing environment. Be visible: Leaders should actively communicate and be present during times of change. Empower teams: Decentralize decision-making to enable quick responses to new challenges and opportunities.

For me, the key to implementing a strregy in rapidly changing times is the cultural alignment and ongoing reinforcement. While the standard steps are worth going through, the execution will be done through dynmic decisions of a wide array of colleagues. The effort to tie such decisions together through strategic planning / business performance systems rapidly falls under its own weight and demoralizes people. Taking the time to create a culture aligned with the strategy and keeping everyone informed and aware is the best bet. Peter

Leadership today needs more of leading by example. Strategy communication and implementation becomes meaningless when leaders' personal actions conflict with what is being said in formal communication.

Implementing a strategy in a fast-changing environment is like an expert kayaker navigating rapids or a trail runner adapting to unpredictable terrain—success hinges on agility, resilience, swift adjustments, and an unwavering focus on the Finish Line.

Assign Clear Responsibilities: Clearly define roles and responsibilities for each team member involved in the execution of the strategy. Ensure that everyone understands their tasks and accountabilities. Create a Detailed Action Plan: Break down the strategy into specific action steps, timelines, and milestones. Develop a comprehensive action plan that outlines what needs to be done, who will do it, and by when. Allocate Resources: Allocate the necessary resources (financial, human, technological) to support the execution Establish Key Performance Indicators (KPIs) Monitor Progress Regularly. Empower and Motivate: Empower your team members

The adaption part is the most crucial in fast-paced environments. As the comentator Riaz suggests above: A set-and-forget strategy no longer applies: That is 100% true. So review and adjust your strategy and develop new options as often a required. Most companies do it once a year but more often may be required if things change a lot.

The goal is to create a feedback-rich environment. By doing so, you'll keep the strategy agile and the team engaged, helping to build a resilient and adaptable organisation.

Capture learnings as they arise. Do not wait for a post delivery analysis. The important details may be overlooked. Enable and encourage sharing of mistakes. Foster a culture that allows everyone to share mistakes without penalty. Encourage chatter during delivery where solutions can be designed through collaboration. Not only is a lesson learned but a new employee will also learn in the live environment. Make sure all voices are heard and that stakeholders and not purely core delivery team members contribute. 360 degree feedback is not just for appraisals. Be clear on how the learnings will be used post delivery. Summaries may be published and boxes ticked. Post delivery conversations and Q&A is valuable.

Award the persons who call out the errors and provide options , getting rid of the "shoot the messager of bad news" culture. Talk in your audiences language for continous improvement, shop floors are different from financial areas.

Being in a "constant correction" mode is an imperative for companies in fast-changing environments. And these include every step from analysis of business climate, customers, competition (and their potential reactions!) to your own company. Interestingly enough, in times of market volatility firms tend to become more inwardly focused. This may be due to greater visibility and control of internal conditions. However, please pay special attention to market factors that are uncontrollable--business climate, customers and competition. Most important, focus on your customers and be intimate with them, and be different in important ways.

I have found that a great way to test the resilience of your strategy is to stress or chaos test it. Proactively engage your team to brainstorm things that could go wrong and how to build in mitigation, and you should have the basis to cover a lot of unexpected changes.

Stay on course for the final destination but remain flexible on the approach The road to strategy execution is never well paved. It is like Google Maps you plan your itinerary, start the trip then blue lines turn red and you find yourself looking for alternative route. You change the route but not the destination. Be ready to accept the journey challenges and do not deal with them as they are resistance of change. If there is one thing all agree on today’s environment it is the uncertainty of things. Being dynamic and flexible to the approach is a key success factor and don’t chase early victory. Better to be little late but sustainable

Clarity of long-term vision becomes even more important in turbulent environments. This poses a paradox as the company must at the same time be adaptive. But being only adaptive comes with a loss of direction, and the risk of ending up going in circles. There are ways to attack this challenge. One of my favourites is to use backwards reasoning when designing strategy and explore multiple paths connecting the desired future position with the present (backcasting). The multiple paths can connect at some points and branch out again, giving the strategists clues about infliction points and needs for contingency plans. The mental pre-rehersal of events, outcomes and options gives the organization sensemaking that allows for faster responses.

Various methods and frameworks are available for shaping your strategy. Tools such as Business Model Canvas, Lean Startup, and Agile offer structured approaches to design and test strategies. These methods support gradual refinement, enabling you to improve your strategy based on real-world input. Thorough strategy development establishes a strong groundwork for achieving goals. This comprehensive plan steers your organization through challenges, aids in decision-making, and optimizes resource allocation. Keep in mind, a potent strategy isn't fixed; it's a dynamic guide that evolves with your journey to success.

I'm loving these 'trick questions' more and more...! Let's reset - you don't 'implement a strategy'. And strategy should never be fast. Both of those are tactics. A strategy has a much longer horizon. For some, that's a decade. For others, a few years. But the point of a 'strategy' is to place a bet on a position that you aim to occupy and defend. In the words of Michael Porter, it's about 'choices' - bet on a position, ignore the noise, and constantly think about the pivot. Great strategists understand that strategy isn't about controlling the things you can, like implementation timelines. It's about influencing the things you don't control, like customers.