To succeed at strategic planning, business owners must look to actively mitigate the many uncertainties under which every company operates. Here are six ways to do that:
1. Be curious.
Identify the demographic, technological, cultural and other changes occurring outside your company and industry.
2. 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?
3. 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.
4. Figure out what you know.
Soak up as much information as you can through industry journals, trade association gatherings and social media.
5. Challenge your assumptions.
As markets, technology and industries advance, determine whether your current plans are still relevant. If they aren’t, make competitive adjustments.
6. 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?
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!