How do you revise your strategy when things change?

When things change, revising strategy involves adopting an ‘emergent approach’, where we remain flexible and open to new information, ideas and paradigms, and accept that change maybe required. We need to cultivate a ‘learning organization’ mindset that encourages continuous learning and adaptation, and accept failure. By implementing a dynamic and disciplined review mechanism, we can spot changes in the marketplace early and respond swiftly. This agility, combined with the humility to recognize when adjustments are needed, will allow quick changes to be made, while learning from experiences to improve and innovate continuously.

A strategy is only ever as good as the information it is built on. Things always change, often shortly after a strategy has been agreed/signed off/communicated. Some elements of it will continue to make sense (often your vision/mission and what you are optimising for) but others won't. We've seen this with the start of the pandemic and with the changes since then in macro-economic circumstances. Making it clear to stakeholders that a strategy is a best current view rather than dogma is important as this enables you to stay agile.

It helps to assess changes in real time, but what helps even more is anticipating change and assessing possible scenarios *before* they happen. Of course, you won't be able to predict exactly how things will go, but if you work on a team, having an open conversation about the different routes that a strategy/new initiative might take (including best case, middle-of-the-road, and worst case scenarios) can uncover some important insights. It can also help to do an assessment after a significant change happens, and reflect on what did & didn't go well with your process. You can do this reflection individually or as a team--and it can help set you up to be more nimble for future strategy shifts and real-time changes.

In a shifting landscape, it helps to regularly monitor changes and stay agile. Adjusting plans based on real-time insights always helps to maintain agility. Continuous feedback loops with the team and rapid decision-making ensure proper alignment with the evolving circumstances. This proactive approach enables effective risk mitigation, and at times, *capitalization* of emerging opportunities in the changing landscape. Being proactive and staying agile is a key pillar to foster strategic resilience.

The only constant is change. In the initial strategy sessions, the team should be looking around corners. Meaning when you land on a path forward - the team should also be looking at what changes could happen and solution mitigations at the acceptance of the initial strategy. This prework adds time, but it also allows the team to openly discuss - what-if situations. When a change does occur, and the team needs to pivot, you have a baseline of solutions to work with - continuously improve - and be more proactive than reactive. If something is not working, your what-if scenarios (documented) allow you to iterate quickly and fail forward faster.

Revisiting your vision? Sure, even adjusting it, potentially. When inflection points occur priorities and even direction can change. Revisiting your values? Not sure this makes sense. Values, especially your one or two diamond values at the core of your identity, are enduring. They should even inform how a business deals with transformational change, disruption, or inflection points. The problem with the paragraph above is that it throws around terminology like candy, assuming people have a common understanding of what these are…

Absolutely spot on! ?? While a company's vision, like Apple's once dream of a computer for every household, might evolve with changing landscapes, values should remain steadfast. For instance, Patagonia’s commitment to environmental responsibility ?? hasn’t wavered despite market shifts. Values are the compass ??, particularly during challenging times. And yes, tossing around jargon can muddy waters. Clarity in communication ?? ensures everyone's rowing ??♂? in the same direction, regardless of industry buzzwords.

Revisiting vision and values is crucial in a changing world. It’s not about discarding core ideals but evolving them with awareness of shifting landscapes. Great leaders blend steadfast principles with adaptability, ensuring their vision resonates with current and future journeys. #AdaptToLead ????

I agree with Alex. You values should never really change although they can change in terms of priority of one value vs. another. They are the foundation of your culture along with your Purpose and Vision. Strategy can change when market dynamics change, your situation changes or consumer needs evolve but they serve your Vision and Mission as opposed to the other way around.

Originally, Slack was all about gaming ??, going by the name Tiny Speck with a leading project called "Glitch." When Glitch failed to gain traction, they knew a change was needed. The team saw potential in an internal chat tool they'd created.???. So, they pivoted and fine-tuned this tool ?? shifting their mission and core principles towards revolutionizing corporate communication?????. For your strategy check-up, keep these things in mind: 1?? Engage key stakeholders in your ecosystem ?? 2?? Confirm that your updated strategy aligns with your business model and vibes with current market dynamics ???? 3?? Benchmark yourself against the competition and be open to making regular adjustments ???♀???

Just be visionary and proactive… most leaders fail in changing a strategy because they are all immersed into it trying to execute it rather than monitoring variables and predicting its projection. Leaders see the future, and learn from the past.

Firms that are able to pivot quickly with a new approach end up being more successful. The management generally is able to sit down with their Consulting partners and chalk out the necessary adjustments that are needed. They will use the SMART framework to set clear goals and objectives and start working on the goals. Keeping track of progress and making minor adjustments as needed further fuels their success stories.

Objectives & actions must align with an evolving vision. Look at how Netflix pivoted from DVD rentals ?? to streaming ??, adjusting their objectives in line with a new vision for the digital era. Or how LEGO turned around in the 2000s by reshaping their goals, focusing on core products and collaborations. Leveraging tools like SMART and OKR can provide clarity and trackability. Remember, as the vision adjusts, so should our roadmap ???, ensuring we're always driving in the right direction. ??

Vision of the company will lead to goals objectives. Strategy is devised to achieve goals & objectives. Each activity of the company should be aligned with strategy. Changing of strategy should not affect vision. Objective can be changed. Strategy to be revised to within company capability limits to change the activities. If budget airline wants to change its strategy to become premium service player the first activity will be to improve legroom between seats of all their planes which takes time, effort as well practically difficult because of availability resources. Developing realistic achievable objectives will be key. Using tools like SWOT, PESTEL revise the plans to change activities to achieve goals then monitor, improve & adapt

As we realign our vision and values with the evolving landscape, it's imperative that we adapt our objectives and actions accordingly. Our objectives, guided by the SMART framework, serve as the precise markers of our journey, ensuring they are Specific, Measurable, Achievable, Relevant, and Time-bound. These objectives will be the driving force behind our actions, the tangible steps we take to navigate the new opportunities and threats. Leveraging tools like the OKR framework and action plans, we will strategically define and execute our objectives, continuously monitoring our progress and results to ensure we remain agile and responsive in this dynamic environment.

Monitoring and continuous evaluation is the key to delivering a successful strategy. Analysis and BI will give you the insight needed to understand if a revision in approach is needed. The data tells the story! Many forget the evaluation piece of the process.

?? Organizations must consistently evaluate their strategic initiatives to ensure alignment with market conditions. ?? For instance, Initially, Dropbox focused on simplifying cloud storage solutions for consumers. ?? However, as the market evolved and competition intensified from Google Drive and iCloud—Dropbox expanded its offerings. ?? It transitioned into a comprehensive platform for collaboration. ?? In addition to assessing traditional metrics, leadership teams should consider ???? Employee morale and ?? customer satisfaction as 'soft KPIs.' ?? Lastly, while adaptability is crucial for the success of any strategic initiative, ?? frequent erratic changes could result in organizational fatigue and must, therefore, be avoided.

I think this is the most critical piece to any strategy - and feeds the entire cycle. A strategy is only as good as an organization's ability to hold itself accountable (through measurable KPIs) to the direction and outcomes, and ensuring that EVERYONE in the organization is "pulling" to the same North Star. While the North Star may remain fixed, the pathway an organization can take (i.e., the strategic direction) may shift and the execution approach may change - and the monitoring and evaluation is a critical piece to understanding and making those pivots as quickly as possible.

Monitoring the success of your strategy should be easy with a few strong, non-conflicting KPI. Even if you pivot from your initial strategy you need a lessons learned to make sure you and your organization is in a continuous improvement cycle. We never fail we just found and eliminated an option that does not work. It is important to communicate the results of the learning and the reason of the pivot to the organization to take away the fear of trying new things and "fail"!

Monitoring and evaluating aren't just checkboxes in your strategy revision list; they're the pulse of your game plan. Bust out your balanced scorecard or your KPI dashboard; these aren't just gadgets but your lifeline to what's working and what's gasping for air. And, hey, if something's off, that's not a failure; that's intel. The goal? It's not just about metrics and figures. It's about taking those numbers and turning them into a narrative that tells you what's truly going down. Success isn't just in the 'wins'; it's also in the lessons you extract from the missteps. Adaptability is the name of the game. Keep an eye on the road, but also don't forget to check the rearview mirror. Both views are equally important for driving ahead.

*First, acknowledge to yourself and to your team that Change is normal - strategy must always suit the competitive Context, and Context will change *Build periodic strategic review into your regular process, so that adjustment is anticipated and not something to be startled by and worried about *Do some scenario planning before “finalizing” a strategy — on what conditions does our strategy depend? What if one or more of those conditions were to change? What would our best course-correcting options be? What would we need to have in place to implement those adjustments? (e.g., financial reserves, succession plans, cross-training, system backups, etc.)

This element of a strategy is often undervalued or deprioritized but the most important impact of setting a strategy for many functions is what you gain by telling other functions about it! Whether it is your leadership, your partner functions, your peers, or your customers - your ability to set a vision, explain where you’re going and how you will get there, and inspire others to follow — THIS is often the true differentiator on whether or not the strategy is successful. And if a strategy is successful “in the woods” and nobody was “there” to notice - did it even happen???

Change in strategy or its approach due to certain factors need a huge change down the line. Take all the stake holders and find out key guys who can drive the new approach. Empower them and listen to them. Monitor them.

This is when going gets really tough. Anyone can develop a strategy, but the real challenge comes when dots between the strategy, people and results are connected. Time is of the essence here and time is scarce. Reality may have changed from when the strategy was crafted until it manifests in the organization. The most succesful firms have an adaptive approach to strategy. In these times of complexity and paradoxes it may be worth considering replacing the word ‘strategy’ with ‘strategize’, which refers to the ongoing art of coping with complexity, tensions and paradoxes.

Involve and inspire your stakeholders as THEY revise the strategy. Take a collaborative approach to strategy from the very beginning. Involve stakeholders in identifying and exploring what has changed (or better, what might change), have them consider the possible impacts of those changes, leverage their diverse perspectives to better understand the opportunities and challenges. Then, co-create the new strategy or shifts of tactics. If they help create the strategy, stakeholders are already fully engaged and motivated to turn it into a reality. Strategy shouldn’t be something you have to sell. It should be something everyone believes in because they had the opportunity to help create it and as a result understand why it is necessary.

?? A prime example is Microsoft. Under the stewardship of Satya Nadella, the tech giant shifted its gears from being predominantly a software vendor to focusing intently on cloud computing via Azure. ??? This was no mere pivot; it affected every corner of the business, from R&D ??? to sales ?? and customer interaction ??. ???????? In my experience, i recommend pulling together cross-functional teams to carry out the revamped strategy collaboratively. ?? ?? Moreover, it's essential to conduct periodic audits ?? even after you've initially set the course to ensure that your strategic path stays aligned with the other cogs in the organizational machine. ??

Seamless alignment is vital. Take Spotify, which integrated its acquisition of podcast companies to bolster its music streaming strategy ????. Or Starbucks, aligning its sustainability strategy with business operations, committing to eco-friendly stores ???. Tools like the business model canvas help visualize this integration. Ensuring strategy syncs with culture, ethics, and industry norms doesn't just make business sense, it's the backbone of long-term success. Adapt, align, and advance! ??

Let's get down to brass tacks. Revise your strategy? Check. Team on board? Check. But here’s the kicker: you need that plan to fit seamlessly into the rest of your business. It's not a standalone feature; it’s the new operating system. Audit your organization—culture, systems, policies, you name it—to ensure your new strategy doesn’t clash like stripes and polka dots. Lean on frameworks, sure, but treat them as tools, not crutches. Because at the end of the day, your strategy needs to do more than just look good on paper—it's got to roll smoothly into your business’s reality.

When things change, revising your strategy through alignment and integration involves ensuring that all elements are cohesive and fit the new context. Start by revisiting your updated objectives and ensuring they align with the overall vision and goals. Integrate these objectives into existing plans, adjusting timelines and resources as needed. Coordinate across departments to ensure everyone’s efforts are aligned with the revised strategy. Communicate the changes clearly to all stakeholders, emphasizing how their roles contribute to the new direction. Monitor the integration process to address any misalignments promptly. By aligning and integrating effectively, you ensure a unified approach and smooth execution of the revised strategy.

Dont revise strategy; revise tactics !! Blame it on loose way we use term strategy, that its always up for grabs in almost any & every meeting on a weekly basis :) If understood well, the strategy should be about what the org wants to achieve in a given year, maybe revisited half-yearly. I'm not saying, things don't change or we don't need to re-evaluate projects, fine tune projects etc. those are tactical stuff, which needs to be dealt with tactically. Irrespective of situation , the strategy should never change.. else something was not done right. So, the thing to really consider - is to get the strategy right, spend enough time on it & not re-visit it every week, which then no longer stays strategy -> but ends up being tactical !!

The entire strategy should have sufficient detail and workflow elements (milestones or deadlines) that keep progress moving forward, but not so strict that there's no room to improvise or adapt to the ever changing conditions. The world is incredibly dynamic and uncertain so good strategies tend to roll forward in shorter waves of activity in these environments. Long term goals can remain in place but the actions should be reviewed in shorter time frames within reason.

Strategy should be constantly reassessed! There is a continuous cycle (popularized as Boyd’s OODA loop) that you observe, orient, decide, act, then observe… Strategy is a time window that consists of your near-term horizon or those things that are right now; a long-term horizon where you are aiming to be; and the mid-term that connects the now to the shall-become. However, time and events keep moving and changing. Clearly then, strategy and vision are better articulated like a cone radiating outward - those things close to you are certain, or nearly so. Those things farther out keep moving further out, changing slightly as you continuously observe, orient, decide, act, then observe…

Many early-stage friends hate on strategy and push for execution. In my view, execution is necessary but not sufficient. Strategy isn’t sufficient either, but it is necessary. Execution without strategy is wasteful and tragic. Just as “Companies that have the best products, most talented people, and fastest growth are precisely the ones for which moats are most important,” companies that are the best at execution are precisely the ones for which strategy is most important. They’re the only ones that have a shot. The better you are at execution, the faster you can run in any direction. A good strategy helps you run fast in the right direction.

Strategic planning is not a once a year thing! If you're doing this way, chances are you're just doing budgeting and financial forecasting -- that's not Strategic Planning. To ensure that your strategic plan stays aligned with what's going on in your business environment, make the strategic planning process a full-time activities. The top leadership team can establish a plan administration group that can help them monitor progress, make adjustments and identify alternatives to what's in the plan. If you do it this way, your strategic plan becomes a living document, one that can easily be adjusted as the business environment evolves.