Another great quote from Zig Ziglar this week – success in business really is about planning: prepare for the worst although you expect the best, which is just human nature after all, while being ready to capitalize on what comes – most likely something between the best and the worst scenarios.
Although by now I expect you’re well into your planning for 2022, have you taken these factors into account?
We tend to look ahead and make optimistic predictions for the future, generally basing budgets on these. That’s normal and also good – if you don’t have a level of stretch target to aim for, you’ll certainly never grow as quickly as you could.
However, at least as important in the planning cycle is bringing a critical eye to bear – looking at what could possibly go wrong in some way through scenario discussions, and having a set of ‘Plan B’ reactions defined in case these arise.
The final part of this, of course, is to ensure you have the agility and flexibility to be able to capitalize on whatever does transpire. Remember, we live in a VUCA world, so ensuring your business can handle this is key.
And remember, too, that strategy and scenario plans are not carried out in isolation by the CEO. The board is responsible for the business strategy and all members should be actively involved in the discussions and agreeing the plans. It’s not only a requirement for boards to do so but is common sense – many eyes and minds applied to the issues will yield a far better result.
#BusinessFitness #2022 #Action #Board #Business #GoalSetting #Governance #Planning #Strategy #VUCA #QOTW
Some related articles you might find useful:
- Leading Your Business Successfully in a VUCA World
- Is Your Business Ready for “The Perfect Storm”?
- “Plans are useless but planning is indispensable.” – Dwight Eisenhower
- Great News For Your Business – Growth Ahead
- Pointers to a Successful Future for Your Business
- Post-Pandemic Business Upturn – Give Your Board Real Muscle
- Is Your Strategy Fit for Purpose?