3 Strategic Planning Practices for an Uncertain World
We reached out to three experts in strategic planning and asked: how can businesses move from bureaucratic and linear thinking to targeted, analytical and—most importantly—creative thinking to stay in the game when the playing field changes.
1. Strategic planning using the 3Cs Model
Best practices are demonstrated differently, depending on the textbook or company model. David Soberman, professor of marketing at the Rotman School of Management in Toronto, recommends the 3Cs Model.
“That means you look at your customers first,” he explains, “your competition second, and yourself or your company third.”
This strategy starts with analyzing what your customer needs, knowing what the competition is offering and understanding how you can fulfill the customer’s needs while providing something your competition can’t.
2. Strategic planning using the Lean Method
For entrepreneurs, Dr. Sean Wise, author and associate professor of entrepreneurship at Ryerson University in Toronto, suggests exploring the Lean Method used by Airbnb, Uber, Instagram and Shopify.
The Lean Method provides a scientific approach to creating and managing startups. Some of its principles include:
- Learn how to make your business sustainable by testing each element of your vision
- Measure progress, establish milestones and prioritize work
- Implement build-measure-learn, a process to turn ideas into products, measure customers’ response and learn whether you need to “pivot or persevere”
For more information, read the full article on National Bank website.