Using Strategy Review Meetings to Build Resiliency in Challenging Times

By Eric Bosveld, B&A Corporate Advisors

May 21, 2020

The most valuable businesses develop, execute and modify their strategies on a continuous basis, as the business circumstances change. Having a good strategy during challenging times isn’t enough (and indeed may be irrelevant when in survival mode!). To be effective, the strategy needs to be reviewed, discussed, measured, tracked, and adjusted based on new priorities. The strategic plan moves the organization towards its strategic goals, only when all the great ideas developed in the strategy planning and development process are acted on by the whole team.

The tendency during challenging times is to focus solely on solving the immediate problems plaguing the business. While incredibly important, it is no less important to have a clear strategic plan that is guiding the organization through the downturn. That plan needs to be revisited regularly by the strategy review team, which ideally includes management plus a cross-section of key employees from throughout the organization. The strategy review team meetings should be more than just a regular management team meeting, where day-to-day issues are addressed.

Most of us can think of a few examples over our careers where we were part of a team that really “clicked.” Every initiative the team undertook seemed to fall into place. If you think back to what made those teams so effective, you likely would use descriptive words like enthusiasm, motivation, honesty, eagerness, energy, cooperation, openness, and reliability; all of which were largely driven by the team meetings you held. Everyone had an equal say. The leader or the team coach was likely supportive and encouraging, just like your co-workers or teammates. Positive attitudes and team spirit come together by working towards a common goal and with a common purpose. In the case of the strategy review team, the common purpose means progressing towards your strategic business goals, step by step. And it is that progress that creates momentum and business value.

Now think of an ineffective team you have participated in. Most would likely use very few of the descriptors used above, and perhaps a few “choice” or “alternate” descriptors as well. While there are literally hundreds of reasons why a team can be ineffective, likely one of the most common, is that they failed to create momentum. There is nothing more discouraging for a team meeting than rehashing of old topics, re-deciding the same priorities, and hearing the same excuses on why nothing has changed.
Your strategy review meetings need to be highly effective if you are to create business momentum and progress the organization toward its strategic goals.

Each strategy review meeting has three primary purposes: 1) to repeat, reiterate, reinforce, and sometimes revise your priorities and to gain deeper team insight and clarity, 2) to review progress toward your strategic goals and identify the key barriers/challenges that need to be resolved and 3) to set your top strategic priorities and the action plans that need to be implemented before the next strategy review meeting.

Regular strategy review meetings build and maintain momentum by keeping the team focused on what’s important. They also facilitate effective information flow, which is needed to bring the strategy to life and build a better business with resiliency to weather the tough times.