In times of turbulent economic conditions and market uncertainty much of the strategy stuff you read in management text books just does not apply. What I see at the moment is very much a survival approach with long-term strategy not featuring on the agenda of board meetings I attend. My own research has found that a good proportion of the entrepreneurs who come through challenging phases have faith in what they are trying to achieve and remain firmly fixed on their destination. They operate a bit like a Sat Nav system in the car – when we lose our way we take a new path, a different road, a detour; a recalculation of the coordinates eventually puts us back on course. We maintain faith in the software to get us there! This is probably a good way to think when things are not going to plan.
We have to deal with the short and immediate term issues without losing sight of the destination, however plotting a new course is vital. This often means putting yourself about in the market, nailing what you already have as well as keeping your eyes open to new ideas, reinvention, diversification and forging new partnerships and relationships to generate new opportunities.
Keep the strategy sat nav on!