Karen, Strategy Specialist at GBC, 3 min read, 10 min video
Monitor new external developments, evaluate your company progress and make corrective adjustments
Now that you’ve crafted your company’s strategy, its time for the fifth component of the strategy making process – you must now monitor external developments, evaluate your company progress against its strategy and make corrective adjustments in light of actual performance and new information. This part of the strategy making process is crucial because it is the trigger point for deciding whether or not to continue or change your company’s vision, mission, company objectives, strategy and/or strategy execution process. In cases where the company’s strategy is: still a good fit, ensures the company remains competitively advantageous and maintains strong performance, then only minor, if any, tweaks to the strategic plan is required.
However, the appropriateness of your company’s direction and its strategy must be questioned when disruptive changes are encountered in its environment. Let’s explore a couple of examples. Let’s say that after your strategy formulation and execution process, your company is experiencing a downturn in its market position or encounters persistent shortfalls in performance, then as a business owner, manager or CEO, you must tease out the possible causes – Does market downturn and poor performance result from poor strategy, poor strategy execution or both? Once understood, its time to take action and initiate corrective adjustments. You can adjust your company’s direction, objectives and strategy at any time if changes to the external and internal conditions warrant it.
Equally important is to investigate which of your company’s operating methods and approaches to strategy execution can continue and which require improvement. When determining the effectiveness of your company’s strategy execution process, you must scrutinize the entire strategy execution effort and initiate timely and effective adjustments that will ultimately move your company closer to operating excellence. At GBC we understand business and we understand strategy. That’s why when we developed StratPlan, we developed it with execution and monitoring & tracking in mind. So that making corrective adjustments can be easily and seamlessly carried out. Here’s a short video to show you how to track your company’s strategic performance and initiate corrective actions using StratPlan. I hope you enjoy the video.
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