How is your strategic plan working for you?
To succeed at strategic planning, business owners must look to actively mitigate the many uncertainties under which every company operates.
Here are 6 ways to mitigate uncertainty in strategic planning:
- Be curious. Identify the demographic, technological, cultural and other changes occurring outside your company and industry.
- Assess how those changes might impact your organization and industry. For example, trends toward a more ethnically diverse and older population have been well documented. How will they affect your business?
- Gain insight on how to succeed in today’s world. Talk with employees at all levels and from across departments. Network with peers at companies within and outside your industry.
- Figure out what you know. Soak up as much information as you can through industry journals, trade association gatherings and social media.
- Challenge your assumptions. As markets, technology and industries advance, determine whether your current plans are still relevant. If they aren’t, make competitive adjustments.
- Focus on flexibility, agility and resilience. Continually ask “what if” questions and plan for a range of scenarios. For instance, what if your supply chain breaks down?
The bottom line? Strategic planning should be approached prudently and decisively — not rashly or hesitantly. We can help chart your company’s course toward a brighter, more profitable future. Contact us today.