A digital review is key to realizing your transformation strategy. And not just at the start of the year. It steers business performance.
Do you groan inside when your read the disclaimer often affixed to advice or information on stocks from investment houses? “Past performance is not necessarily an indicator of future gain”.
I get a chuckle out of it because it’s just that, a disclaimer. And because the goal of most business owners is to aim for the opposite.
To find a way to integrate lessons learned into their business models and build positive momentum towards future gains.
And yes, if you find a way to do that consistently then everyone does come along – customers, investors, and the best talent – regardless of the disclaimer.
For me its why a periodic digital review is key to realizing your transformation strategy.
And not just at the start of the year.
The best way to do that is to periodically step out of the fire, check how you are doing, and adjust. The more this is a planned, regular, and repeatable activity, then the more benefits you will glean from the exercise.
Of course, this type of periodic review activity is only as good at the data you have available. That comes from setting up measurement and monitoring to support it.
It’s why one of my one of my favorite ways to do this is through OKRs tied directly to your digital strategy and the initiatives you execute to achieve them.
OKRs help improve business performance by setting clear and measurable goals that are aligned with the overall strategy, and by regularly tracking progress towards those goals.
The question then becomes – what is a good period for your business?
Lots of things can impact your decision. How much uncertainty and change are happening. The size and complexity of your business. The desired speed of growth.
There is a balance between doing it too often and not often enough. Too often and it eats into your time to do actual business. Not often enough and the individual exercise becomes too big.
Possibly monthly, quarterly or three times a year. Rarely just annually.
Instead, the annual strategic plan becomes a communication tool for investors and stakeholders. The annual plan becomes a higher-level view that is visionary, informed by the details of the periodic digital review. With or without the disclaimer!