From the course: Creating a Culture of Strategy Execution
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Revisiting the strategy
From the course: Creating a Culture of Strategy Execution
Revisiting the strategy
- Even if you have a great strategy, market changes can render it irrelevant. Dedicate regularly scheduled time to review the progress of your strategy. Revisit your market assessment. Track key initiative progress. Know how things are changing around you. Conduct a strategy assessment at least once a year. In fast moving markets, do some more frequent. Also, revisit your strategy when there are major market events like an acquisition or a new product launch by a competitor. For example, look at what happened with Facebook when Snapchat came out. Facebook expanded their video capabilities because they saw how successful Snapchat was in the market. They also realized if they didn't expand their video capabilities, they were going to have a problem in terms of losing users and losing engagement. Another trigger for strategy reassessment is if you're missing your goals. When you fall short of a goal, ask was it due to poor execution or are you employing the wrong strategy? I worked with…
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