As companies emerge from the COVID-19 crisis, they must both transact and transform. Those that did both during the global financial crisis outperformed their peers.
Strategy is changing because business is changing
Value in the future won’t just be created through ownership and control but through partnerships, relationships and shared ownership.
Historically, business strategy was about competitive differentiation. Now, it is about how a business fits within an entire ecosystem.
In the past, it was about optimizing an existing business model. Now business leaders must also consider the development of entirely new models.
And where once strategy was time bound — revisited every year or every quarter — it now requires an ongoing dialogue. This means strategy development is not an event. It is an ongoing conversation that produces a strategic map.