Learn how to put your strategy to the test

Strategy is the first pillar of any successful business. The tricky part is it needs to be agile, especially in times of great uncertainty. There is no one-size-fits-all method of building the strategy for an individual business, but there are tools that are effective for everyone.

In part one, we covered some of the most rigorous methods to develop a strategy, but once it has been adopted, you must test it regularly to see if it is holding up. When teams spend time and effort crafting a strategy, it is easy to lose perspective. Step back and evaluate whether you are on the right track with these seven questions.

At the core of any business strategy is making a bet on what you believe the future to look like. It is necessary to take a stance, but, like any investor, companies need to hedge their bets. Smart companies create options for themselves not just to hedge, but to capture outsized upswings as well. To create options, you need a strong viewpoint even if it’s inaccurate. Do you have a plan for what’s next? Test your flexibility with these tips.

Relevance is a quality that many leaders tend to overlook, but the new business environment is making it a key driver of strategy. You want to consider these factors if you want to stay at the forefront in today’s business environment.

Finally, if you have recognized that your strategy isn’t keeping up, you may want to consider some unorthodox solutions. If you have missed a trend and feel like you are playing catch-up, there are some that have been proven successful here.