Figuring Out When to Make Your Move
Every week, I chat with CEOs or board members eager to roll up their sleeves and get cracking on a strategic plan. I’m all for it, but before we jump in headfirst, I like to ask a lot of questions to suss out if they’re truly ready for the rollercoaster ride that is strategy development
And guess what? Our conversations often end with them deciding to hit the pause button for a second.
Why? It turns out that taking a step back and doing some groundwork before diving into the strategy work can be a real game-changer. And that's exactly what we're going to explore in this blog series on strategy readiness.
Are you ready for Strategy?
Before taking that initial step, join us in this three-part blog series on strategy readiness. We outline three pivotal questions to contemplate before diving into the realm of strategy:
WHAT "jobs" will a strategy fulfill?
WHEN should you commit to creating a strategy?
HOW can you ready your team and board for this undertaking?
In our last installment, we delved into Readiness Question #1: WHAT jobs will your strategy do for you?
Step one in this whole readiness journey is figuring out what job you are hiring a strategy to do for you. Curious about the most common jobs for which teams hire strategy? Check out our last post.
The most frequently mentioned role of a strategy for my clients?
To make a case for investment.
Donors and investors are eager for a compelling case detailing how their funds will be invested and what kind of returns they can expect. For businesses, ROI boils down to revenue, profit, and growth. In the nonprofit sector, investors seek a concrete connection between their investment and tangible outcomes. Mastering the art of articulating a clear case for ROI can set you apart from other prospects.
WHEN? Timing is Everything: Navigating the Right Moment for strategic planning
The cycles of strategy have changed immensely over the course of my career. In the 1990s, during my tenure at Time Warner, constructing decade-long plans was the norm, and long-term forecasting was a thing. In today’s tech-forward, entrepreneurial economy, teams question the value of even three-year strategic horizons—is strategy relevant in such accelerated cycles of change?
With constant competition for capital, talent, and market share, and amid technological disruptions, strategic planning is not just a luxury; it's a necessity. Knowing when to start can be as important as the strategy itself. Let’s unpack the importance of timing in a strategy journey.
Readiness Question #2:
WHEN should you commit to creating a strategy?
Why now? The need for a strategy is sparked by a need for change—a trigger or a reason to reevaluate direction and approach. These triggers can take many forms; leadership transitions, competitive landscape shifts, or changing demand. Recognizing the prompt for strategy is critical as it will shape how you approach your strategic plan.
Four typical triggers for strategy
1. New Boss in Town
I recently finished a strategic plan with the Atlanta Mission, the city’s largest and longest-running provider of homeless services. I was first introduced to the organization just after they had hired a new CEO after an extensive search and onboarding. The organization had just experienced a chapter of profound transformation, navigating CEO transitions, post-pandemic recovery, and surging homelessness rates in the city.
Recognising the importance of leadership as a foundation for strategy work, the CEO reorganized and reset his team to get the right people in the right seats. Before developing your strategy, make sure you have the right leaders in place. The journey of strategy fosters cohesion, shared experience, and vested interest as the team builds its way forward.
WHEN: The time is right to revisit strategy when new leaders enter the scene.
2. Shake-ups in the Outside World
Changes, challenges, and choices trigger the need for clear plans. Perhaps a new player has entered your market, a funding source has dried up, or your client needs shift. Perhaps you’ve recently come into new funding but don’t have a clear investment path. Or the opposite, a sudden drop in demand or loss of a critical customer.
Being nimble and fluid with your strategy helps weather most storms. A well-crafted strategy anticipates headwinds and tailwinds, empowering your team to channel resources - be it an additional $100k or $1M - for the highest and best use. Conversely, knowing what to divest or stop in challenging times becomes easier.
The time is right for strategy when competitors, climate, or clients change and you need clarity on your response.
3. Decision-Making Blues
One of my CEO clients shared a story underscoring her desire for a strategic blueprint. In her first few months as CEO, several board members and leaders asked for a quick decision regarding the sale of a property. The organization had received a purchase offer and needed to respond.
What seems a straightforward decision in isolation – to sell or retain an asset – can spotlight the impact of strategy on decision-making. With a plan in place, organizations can make these decisions without prolonged debate. CEOs can delegate decisions to their team after implementation, supported by a clear strategic roadmap.
The right time to start working on strategy is when decision-making becomes challenging, inconsistent, or overly dependent on one person.
4. Time for a Refresh
As part of my onboarding, I always ask for a copy of my client’s strategic plan. You would think I asked to peek inside their closets. Most share what they have with a set of qualifiers: It’s too old, too high level, unclear, or we haven’t followed through.
It’s okay. Your organization is growing and changing. Many of my clients have taken advantage of the post-pandemic landscape to rebuild their strategies. Frameworks that served them four years ago no longer fit. The compass guiding vision, decision-making, investment, and action – needs to fit today’s team and landscape.
If your plan doesn't match your team and organization, it's time to start working on a new strategy.
Wrapping up
Strategy work isn't a one-size-fits-all deal. It’s more like a bespoke suit tailored to fit your organization’s unique shape and style. By nailing down what jobs you need from your strategy and when the time is right, you’re setting yourself up for success. In strategic planning, timing is everything—knowing when to take the leap can make all the difference.
If you’re interested to learn more about getting your strategy timing right, reach out for a call and a brainstorm session.
