What Is Dynamic Strategic Planning and Budgeting?
Dynamic Strategic Planning and Budgeting is a method to help companies plan and invest during times of great uncertainty. Instead of assuming that the future can be predicted with enough effort, companies develop new ways of working to learn more quickly and adapt as the future unfolds.
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This approach creates processes to track evolving situations, discuss strategic implications, prioritize and test the most valuable opportunities, allocate resources to preserve flexibility, and measure results.
How Is Dynamic Strategic Planning and Budgeting Implemented?
Dynamic Strategic Planning and Budgeting requires managers to:
- Monitor the environment for threats and opportunities, even weak signals
- Guide creative, alternatives-driven conversations on innovation imperatives
- Lead disciplined discussions on opportunities to accelerate operating results
- Communicate priorities, and empower others who are closer to the work to make timely decisions
- Establish simple, frequent, and flexible planning and allocation processes to shift resources where they will drive the most impact
- Provide a clear view of potential benefits, required effort, and available resources to free up capacity for high-priority needs
- Identify and focus on the few metrics that really matter, make them visible, and act on the most current information
What Are Common Uses for Dynamic Strategic Planning and Budgeting?
Dynamic Strategic Planning and Budgeting processes are often implemented to:
- Continuously identify, prioritize, and sequence the most important strategic issues
- Increase the quality of strategic discussions and decisions
- Shift investments to respond to changing needs
- Systematically learn from the results of investments