Assessing Your Strategy When the Future’s Uncertain
For most of us, the current pandemic came almost without warning. We were unprepared for its impact on our health, our economy, and our way of life. Though the future is still uncertain, you must find a way of assessing your strategy during times of volatility.
In the business world, the growth strategies leaders had in place before Covid-19 struck were, for the most part, working well. Then with a global health crisis, border shutdowns, and quarantines, everything changed.
Those that Are Struggling
Those that Are Thriving
During this disruption, as it is with most change, some companies are thriving thanks to dramatic shifts in consumer behavior.
Some say that Zoom and Peloton just happened to be lucky to have businesses that were already set up to benefit from the disruption caused by COVID-19. But their competitors like Skype and Bowflex have not fared as well within the same environment.
What Separates One Company’s Success from Another’s Failure?
An executive team’s ability to discuss and prepare “what if” scenarios often makes the difference between high and low performance. If you have not already, it is time to consider the range of possible situations that can help or hurt your business. You need tips on assessing your strategy during times of volatility.
4 Tips on Better Future Planning
There are no guarantees in life or in business. But the better you plan for contingencies, the better prepared you and your business will be to face them with an approach that maximizes opportunities and mitigates risks. Here are four tips on how to create strategic clarity for the unknown:
Leadership’s job is to prioritize the possibilities into the top five most plausible and meaningful scenarios – any more than that and the task becomes too overwhelming.
Once you imagine the scenario and what brought it about, you are better able to craft a strategy to be deployed should the scenario occur. The good news is that by simply imagining a situation, organizations are much better equipped psychologically to deal with it when it occurs.
The Bottom Line
Challenges inspire coping mechanisms. Are you as a leader doing all you can to inoculate your business against current and future threats?
To learn more about assessing your strategy during times of volatility, download 7 Proven Ways to Stress Test Your Strategy
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