“As a supplier in the pharmaceutical industry, you can imagine that our market has changed completely in the past few months. Many of our clients' priorities have shifted radically. Despite that, our OGSM strategic plans have remained unchanged,” Amy shared with us last week.
Absent strategy refinement process
Amy's observation is obviously cause for concern. COVID-19 has changed many markets, and will probably have a lasting impact for the foreseeable future. If this is not reflected in your company's strategy at all—especially if you operate in a sector that is directly implicated—that's a sign that your strategy refinement process isn't working as it should. After all, after you decide on a strategy, you can't blindly stick to it. You should review it regularly to make sure it's still relevant and in the best interest of your business!
The case for scenario planning with OGSM
I've written previously about how to set up a strategy refinement process. This is one way to ensure your strategy stays up-to-date and responsive to trends (or global pandemics). But there is another tool that I'd like to mention today: scenario planning.
The beauty of OGSM is how compact it is - the entire overview of your strategic plan fits on a single page. Because of that, it's possible to design bespoke strategic plans for specific scenarios. In the COVID-era, imagine strategic plans for various durations of economic disturbance - another six months, another year or another two years. If you do this in OGSM Software you can activate your strategic approach to each scenario in a blink!
Think about it
So, when you think about your own organization: how prepared are you for changes in external circumstances? Has your outlook changed in the COVID era, and has your strategy adapted to that? Do you plan for different scenarios? And how clear are you on the strategic responses you would adopt for them?
If you think your organisation could use some help refining its strategy for the long term, don't hesitate to shoot us an e-mail: email@example.com.
OGSM Software helps you turn your strategic plans into a concrete set of goals, KPIs and initiatives. Each element of your strategic transition will have an owner who takes responsibility for its realisation - and everyone can keep track of the strategic implementation through a shared dashboard. Using OGSM Software, the big picture of your strategic change is no longer hidden from view by a mountain of operational demands. The software will remind you - and everyone else in your organisation - what remains to be done and what steps they can take to make your ambitious plans a reality.
Not enough time to read management books and explore research in your field? But still want to keep up to date? Sign up for Bizaline's newsletter: full of fresh insights, juicy stories from colleagues and spam-free, guaranteed. We will share regular blogs and book reviews on topics ranging from strategic execution and programme management to risk, governance, compliance and contract management. And if there's something you'd like us to write about, drop us a note and we will pick it up! Register for our mailinglist below, and subscribe to our LinkedIn page or subscribe to our Youtube channel!