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This year, one thing is certain: uncertainty. Costs are rising due to inflation, interest rates are at their highest level in years, and the economy’s outlook is bleak.
To navigate through all of this uncertainty, businesses must focus on developing effective plans that can be quickly adapted if market conditions change. The most successful businesses have three types of plans:
Due to the uncertainty that all businesses face, it is critical to plan for the unexpected. As a result, you must prepare your team members to embrace change and adapt. So, why plan at all if everything can change? Putting in place strategic, tactical, and operational plans, as well as communicating the goals of these plans across your entire organisation, gives everyone something to strive for. If everyone in your company has clear objectives and understands them, they will, at the very least, keep moving in the right direction. The management team is then responsible for implementing changes in direction if circumstances have changed and the firm needs to adapt.
A good management team has to be comfortable with uncertainty. The key is to avoid developing a strategy as if we know what will happen in the future. Instead, the management team should attempt to calculate the likelihood of success for each strategic move and then plan to proceed with the strategies and tactics that have the best chance of success. This ensures that the firm’s resources are always focused on the most important aspects of overall success.
If you would like to discuss your business plans with us, please book a free consultation here.