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Strategy Refresh for 2022

governance transition May 25, 2021

- By Maite G. Latorre

Despite the fact that we are all dealing with the same pandemic on a global scale, boards and CEOs have been faced with a different reality of how to adapt the organization's strategy for today's opportunities and challenges.

Developing a strategic plan is a complex and dynamic task. Looking ahead, you and your team might be reflecting on the future of your organization, and what your post pandemic plan might look like.

  • What are you keeping?
  • What are you adjusting?
  • What will you change completely?

Looking inwards and focusing on the needs of your organization and people it serves is critical.

“The lack of a plan only exacerbates disorientation in an already confusing situation.”

Gartner's Hung LeHong and Tomas Nielsen designed a Postpandemic Planning Framework that boards can use to develop a shared vision for the path the organization will take during and after the pandemic.

“When the pandemic is over, many [organizations] will find that their business model has been disrupted in fundamental ways.” 

As you look at the months ahead, are you planning special board meetings to discuss how to adapt the organization's strategy as different parts of the world exit pandemic lockdowns? If not, are you asking your CEO and their team to do more robust research about the temporary or more permanent Impacts on the industry? This Is a once In a lifetime change In the economy. How Is your organization going to maximize this time?

As you relook at your strategy consider:

Your clients’/customers' needs and your competitive positioning. What has changed in your industry? What are the new needs of your clients or potential clients? Is your product/offer/service still relevant?

Define you most important stakeholders and their behaviours during and post crisis.

“Even though the pandemic is temporary, it’s lasting long enough to turn temporary behaviors into structural shifts.”

Their behaviour will affect your business model, and it is up to you to assess how to use those behaviours to your advantage. Have their behaviours changed? Permanently? How?

  • What behaviours will very certainly return to their pre-crisis form?
  • What behaviours have permanently transformed?
  • What behaviours are likely to be phased out or replaced by new ones?

Operations. Will your team continue working remotely or come back to the office? Fully or partially? What are your new, long-term health and safety protocols? How has the pandemic impacted relationships in and outside the organization? How will your culture and organizational identity be changed by the crisis?

“Analysis and reflection will help you choose strategies and the resulting priority actions.”

When we are confronted with a tremendous deal of uncertainty, our minds get hazy. We may believe it is hard to plan for the future, but we must remember that things may change rapidly. It is vital to have an attitude of learning and discovery during this time. With it, “it’s possible to come up with a radical plan that may even unlock a new era of growth in a post-pandemic world”. So, what will your strategy look like for 2022?

Further Reading:

Creating a Post-Covid Business Plan, Harvard Business Review.

COVID-19: How to Revise Your Strategic Plan, BDC.

Postpandemic Planning Framework, Gartner.

Preparing Your Business for a Post-Pandemic World, Harvard Business Review





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