The strategic planning phase entails most of the most valuable hours which you pour into your business. As explained in my book Killing Cats Leads to Rats, strategy is about working towards success, instead of just hoping for it.
There are several key components to strategic thinking, including thinking slow, allotting regular, specific time in advance to strategizing, and follow through.
It is quite common to become overwhelmed by the feeling that you are running out of time in your decision making process. As such, thinking slow is crucial. Opt for slower, more deliberate, and more logical behavior, instead of the fast, intuitive, and emotional behavior that we often slip into subconsciously. You can make a more conscious choice simply by taking more time and deliberating over a decision.
How much time do you intentionally invest in strategic planning for your business? According to a study conducted by the Harvard Business Review the average of time spent by the senior level executives in discussing and making strategic decisions rounded out to less than three hours per month. Scheduling time proactively, regularly, and specifically is so important, but is not something that most executives consistently allot time for. It’s not time that’s against you; it’s the lack of time you should be arming yourself against. If you schedule it, you’ll treat it as a priority. Change the timing and the focus of the process.
It is important to note that strategic thought must culminate in a decision in order to have any sort of meaning. When possible, establish concrete decision making deadlines. In failing to focus on the act of deciding, we can fall in a procrastination trap, making our planning time all the more ineffective, and even leading to unintended consequences. As stated in my book, “You’ve deliberated; now act deliberately.”
All of these elements of strategic planning are definite best practices for reducing unintended consequences that may arise from executive decisions. They will reduce time-induced stress, encourage clearer and more logical thinking, and produce more effective decisions in a more timely and appropriate manner. The fusion of these competing forces results in the reduction of downstream unintended consequences.
More information can be found in my recently released book, Killing Cats Leads to Rats: Mitigating the Unintended Consequences of Business Decisions. Purchase the book on Amazon here: https://amzn.to/2pGJB6D