Scenario Planning Can Create Strategic Resilience
The idea of resilience can help organizations plan their strategy
The antidote to the uncertainty that 2021 will bring is resilience – three levels of pliability that are must-haves for navigating this year and beyond. It is useful to have any one of these but to thrive and prosper; you need all three. Scenario planning is the process through which you and your executive team can approach resilience collectively, deliberately, and systematically.
Let’s explore the three levels of resilience since we know that “set it and forget it” will not work as a strategy. Then, see how scenario planning offers immunity to the negative impacts of the unknown while creating the conditions for success.
First, there is strategic resilience. You’ve got to make decisive choices, create new options, and have flexible strategies that respond to the full range of uncertainties. To do that, you need a clear view of the context surrounding your business and industry and a structured way to understand the forces you could potentially face. Those companies that planned for multiple scenarios for how the pandemic would unfold thrived in 2020 – the businesses that supported virtual working, the restaurants that pivoted to take-out, and the healthcare providers that turned their focus to COVID responses.
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