Why virtual strategic planning has become more practical amidst this pandemic situation Strategic planning Strategic planning is done to develop plans for the improvement and productivity of the company. It provides company a vision in which they can pursue their future course of action. With effective strategic planning, companies stand in a position to determine what their set objectives are, what have been met and how the remaining ones can be achieved. A detailed and result-oriented plan enables in focusing on strategies that are in the best interest of the company. All these strategies are summed up to create a plan which is further executed. All the threats and opportunities are evaluated before systematically creating and implementing strategies. Virtual strategic planning Doing strategic planning virtually has become more practical amidst this pandemic situation. Most of the companies have no fear in adopting this new normal scenario and have overcome this COVID reactionary mode. They have settled in with their remote workforce and finding the optimal way to do strategic planning and strategic execution. Earlier, strategic planning was a lengthy process that resulted in full day meetings for several days. But now it would be rather a punishment for the employees to sit all day long for meetings via video. 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’ throughput 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. Some of the benefits of virtual strategic planning Cost savings Doing strategic planning virtually results in cost savings for any company. The expenses on utility bills, executives travel, or may be the rent of the office building gets eliminated when companies work virtually. Higher productive level Employees working virtually tend to focus more on the task at hand and try to accomplish it timely. They engage in office politics less and work more which thereby increases productivity. Greater adaptability Because of the future uncertainty, it provides workforce the ability to alignment, make and adapt more quickly to the strategic and tactical changes. This is quite a change from the past and it embraces the new technologies that employees have become comfortable with. 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/