It is undeniable that for a time of uncertainty, a changeable and adaptable strategic plan is needed. Global affairs could change at any time and therefore businesses need to be effective in responding to shocks.
Because of this, traditional strategic processes will not help much due to their rigidity in planning, instead it is necessary to employ a strategy that is less precise and instead involves a number of potential options.
An effective strategic plan for an uncertain future would therefore need to contain the following aspects:
- The plan must contain a clear enough plan for the future, with direct goals (however that are potentially changeable if a shock does occur).
- Additionally, the plan must contain several options so that it is able to switch between plans more efficiently.
- Furthermore, the team must plan for a range of different futures, with plans for each.
Therefore, an Adaptive Type Strategy Framework must be used. An Adaptive Strategy can be defined as ‘an iterative approach that involves hypothesizing, experimenting, and adjusting as teams move through the process.’
The Integrated Strategy Model of Value Creation by Flevy
In a time where there is a significant amount of uncertainty, building tools such as Porter’s Five Forces Framework will not be as useful (although they are highly effective in building up a company under safe specifications). Instead, a creation based strategy will allow companies to be more adaptable in difficult situations. For instance, the Integrated Strategy Model for Value Creation by Flevy and available on Eloquens, would be suitable for uncertain times.
The EIP Framework by Tim Demoures
In addition to this, an ideal framework would be the EIP framework which was created by Tim Demoures. The framework was created for the intention of risk mitigation and management, therefore helping to mitigate potential problems in a time of uncertainty. The framework features five key branches which include:
- Decrease of support from partners
- Hostile Competition
- Irreversible Unexpected Change of Business Environment
- Negative Impact of Current Activity on Future Business Opportunities
- Change Management and Responses to failures
The EIP framework can be found here.
Agile Futures Discovery by Dick King
In addition to these frameworks, for a resource to help your business look into the future by identifying a strategy that would work, the Agile Futures Discovery would help provide insight to better direct business.
In conclusion, the Eloquens platform provides a wide range of Best Practices for strategy and looking into the future in an uncertain time such as today. In addition to the Best Practices mentioned here, there are also a number of others that would also provide insight into a difficult situation.
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