Why iterative strategic planning is here to stay
Today’s business landscape is constantly evolving with new technologies and trends - organisations and projects need to be nimble to respond.
Adaptability is the key to success, and an iterative approach to strategic planning enables organisations to pivot rapidly to respond to market, governance and other influences.
Gone are the days of a ‘set and forget’ 10 year strategic plan; today, plans with more than a three-year shelf life mean you are vulnerable to being left behind.
Unlike traditional strategies that are developed and implemented in a linear fashion, iterative strategy involves regular mini cycles of planning, executing, evaluating, and refining.
Take small steps forward, learn from the outcomes and adjust your approach.
Shifting from a static to iterative strategy cycle can be a game changer for organisations.
Five key benefits are:
Adaptability: iterative strategy culture embraces change, welcomes feedback and continually evolves to meet changing market demand
Optimising performance: iterative strategy means continuous improvement, informed by real world feedback and data
Customer first: customer needs are frequently changing and iterative strategy lets you gather real time insights and incorporate this
Risk management: regularly reviewing and adjusting strategy ensures organisations can identify and address potential risks before they impact performance
Collaboration and transparency: iterative strategy fosters collaboration amongst teams and stakeholders, breaking break down internal silos through regular feedback loops, early testing, validation and course correction – building trust and shared understanding.
By shifting to iterative strategy in strategic planning, organisations can foster a culture of innovation, responsiveness, and continuous improvement, navigate complexity and uncertainty, and capitalise on emerging opportunities for long-term success.