Become more responsive and innovative in your work strategies with virtual strategic planning Strategic planning is setting up the road map on which the organization needs to work in order to reach the desired state of future. For having an envisioned future state, businesses need to interpret that vision into a well-defined strategic plan. Strategic planning is a systematic process of developing strategies, their implementation and analyzing their impact on the business objectives. Effective strategic planning gives your organization a competitive edge over others. It helps you identify the risks and bottlenecks and also enables to perform the activities in a better way with the proper utilization of the assets and resources. As we all know that amidst this pandemic situation, working remotely has become a predominant thing. Similarly, like all other business functions, doing strategic planning virtually has come up as a more practical way. More and more organizations are adopting this way as they have understood that working with remote workforce has not been as bad as it was feared. On a virtual basis, strategic planning has become a much shorter and efficient process. Rather than carrying out the typical full meetings for several consecutive days, organizations have shifted to virtual optimal ways. Group50, a leading consulting firm has been doing the majority of their consulting work virtual. They understand the need of the hour and for this they have adapted to this pandemic situation by developing a strategic planning and strategic execution process. These consultants do virtual strategic planning over a period of 10 weeks with 2-3 hours sprints every week. Their strategic planning methodology requires participation by stakeholders’ throughout the organization. It breaks down strategic planning into bite size chunks and provides more flexibility to adjust the cadence. It is much less rigid than full day meetings separated by weeks and it allows more participation from all stakeholders; board members, C- suite, middle management, customers, suppliers, employees and contractors. Approaching this way provides much more alignment, buy-in and accelerates the change management process. What is the importance of strategic planning for any organization? Strategic planning holds high importance in terms of identification and exploration of new opportunities such as starting newer product line, newer markets, and much more. For effective strategic planning, communication becomes essential between managers and
employees. It shows the commitment of employees towards the business objectives and they become more responsive and innovative in their work strategies. It fosters productivity and growth of the organization. This is the most important advantage in which strategic planning process helps any business. It entirely contributes towards developing strategies in a better way by applying a logical and systematic approach. Virtual strategic planning is quite a change from the past and it embraces the new technologies that employees have become comfortable with. Group50 has developed strategic planning playbook that focuses on the “Where to play” and “How to win” approach to strategic planning coupled with identifying the most important goal for a company’s strategic planning horizon. If you want to speak to the team at Group50 about their virtual strategic planning and execution, contact them at the earliest. Visit: https://www.group50.com/