11 Ways to Make Strategic Planning Relevant During Uncertainty

COVID-19 has impacted our world: business shutdowns, travel restrictions, increased unemployment, elevated stress levels, more online meetings, increased isolation, disrupted world trade and cancellation of cultural, religious and festive events. 

Strategic planning, which is traditionally thought of as long-term, could seem irrelevant in the midst of this turmoil. However strategic planning can bring clarity and focus during these uncertain times.

Strategic planning can be relevant during unsettled times. Use The Systems Thinking Approach augmented with additional tools for plan that allows for rapid response to a shifting world.

Here are 11 ways to make strategic planning germane during uncertainty:

1. Don’t throw out your existing strategic plan - A July 2020 poll showed that 41% of the organizations felt that their strategy remained valid, but they were updating it in response to the pandemic and 18% said their strategy hadn’t changed. About 24% of the respondents were creating a new strategy. Only 17% said they weren’t focused on strategy until the long-term effects became clearer. Don’t be one of the 17% that are ignoring their strategic plan.
2. Review your existing strategic plan – Review what to keep – probably your vision, mission and values at least. Update what you can. Add new content – based on researching what’s happening outside and inside your organization. If you did a good job creating it initially there will be lots you can use.
3. Use scenarios – Scenarios give you maximum flexibility when the world we are in is uncertain. Generating multiple scenarios allows your business to jump and pivot quickly.
4. Create multiple financial projections – Base your projections upon the various scenarios that you have created.
5. Design jointly – Bring in important partners and collaborators to work with you on designing the possible scenarios and projects. Variety in the inputs and listening to outsiders will ensure you’ve got a better plan than before.
6. Continually scan the external environment – With things changing around you, don’t rely on your quarterly or annual planning meetings to assess the environment. Set up teams, who as part of their daily activities, are scanning outside the organization for signs that you must pivot. This includes researching what competitors and customers are doing and feeling.
7. Look inwards – Be aware of what’s happening inside your organization. How are staff feeling? What do they need? What issues are arising? How can we get them to follow the updated plan? What processes and structures are becoming barriers? What key employees have left the organization?
8. Update your metrics – What you were measuring before the pandemic may not be relevant. If a measure is still relevant, check on the target. For example, restaurants that are operating at 50% capacity should ensure that their revenue targets reflect that reality.
9. Develop a rolling strategic planning process – While some organizations plan annually, we recommend your plan be “evergreen” – always relevant and updated. A rolling strategic planning process means the details of the plan are updated weekly or monthly, while the strategic direction does not change. It might take some getting used to, but a rolling strategic plan is easier to change as we work in ambiguity.
10. Choose shorter planning timeframes – Strategic plans are often created for 5-10 years. During these uncertain times create projects and actions for the next quarter or 6 months – always in alignment with the long-term strategic direction.
11. Communicate – You must communicate more often during these uncertain times. There’s so many things happening in your employees’ lives that repetition is one of the best ways to break through the noise. Two way communication is important because staff at the operational level may discover an issue or opportunity that you didn’t foresee.

In order for strategic planning to remain relevant during unusual times, ensure that you are using the strategies above to create focus and direction for your staff.

If you are interested in the new workshop I’ve created to help people plan more effectively during these uncertain times contact me at Valerie.MacLeod@HainesCentre.com