In working with companies throughout the COVID-19 pandemic, one model of strategy building has shown to be prevalent. While this model hasn’t been inherently obvious when in the midst of building a pandemic response, it needs some consideration. We think of this model as being one of “twin strategies”. In this model, we separate the strategic plan into two parts: a static business strategy that doesn’t need to change, and a dynamic business strategy of rapid adaptation. While companies may have chosen one path over the other, we have been able to create winning strategies that marry both approaches.
A static business strategy
The static business strategy takes into the account both intermediate and long term views of the organization, and creates a foundational strategy that can withstand the volatility of the pandemic, while preparing for an uncertain future. This is a strategy with the following benefits:
- The static strategy evaluates industry opportunities and prepares the medium term vision to take advantage of value changes within markets.
- This strategy prepares the company for the post-pandemic world, and creates a landing spot for the new industry landscape.
- Considers the strengths of the organization and how those can create competitive opportunities in the post-pandemic world.
A static strategy alone can be tone-deaf to the changes around the world and within our organizations. It needs a twin pairing. The dynamic strategy has a fast rate of change and a high level of adaptability.
A dynamic business strategy
This business strategy embraces the uncertainty while combining filters of innovation, opportunity, and risk. Time intensive and highly collaborative, this dynamic strategy may need to change, but can ultimately inform the static strategy with real time information. Benefits to this strategy are:
- Increased buy-in from your teams.
- Real time, fast responses to changes in market conditions.
- Matches quality of supply with current market demands.
Just as Dr. Daniel Kahneman taught us that the human brain marries two systems simultaneously: a “system 1” of fast, intuitive thinking and a “system 2” of deliberate, logical thinking, your company can also use this highly evolved manner of organization for your strategic plan.
To get started
To get started today, your organization can ask some questions.
- What parts of our operations are static, and what parts are dynamic?
- What portion of our current operations can survive a post-pandemic world, and what parts cannot?
- Does our current plan take this “twin strategy” methodology into account?
Are you prepared for the post-pandemic world? Contact us to discuss strategies that can help you get there.