Top business people are often lauded for their ability to have tremendous insight into the market and the forces that drive their business. This almost ‘mystical’ ability to anticipate future trends has made absolute superstars, very wealthy ones too, of many such business leaders.
But what of us mere mortals? Are we destined to plod along and never have a moment of brilliance unless we subscribe to one of these superstar plans?
I have often wondered about the effectiveness of specific methods – little tips and tricks that we learn and believe to be helpful in our daily business lives. One such trick I use to use was ‘the 5 whys’.
We should all know the story of the 5 whys – ask why 5 times and you should be at the root cause of your problem.
Is this the right thing to be doing though?
As our markets change rapidly, we are constantly aware that we should be taking into account the new and ever changing needs of our specific niche. The problem is that many of the things in the market are completely beyond our control.
Stress is created when we cannot distinguish which factors or trends we need to take heed of and which to ignore. The old adage of “plan or be planned for” comes to mind. Planning in itself though does not sort out the issues we need to address.
So how do we figure out the important stuff and the need to change rapidly, if required?
I teach my clients to use a very simple but effective tool to understand what they need to be dealing with. The concept is simple: Understand what you control and what you don’t control. Then look at the impact of everything, the things you control and the things you don’t.
Anything that you control, you can throw resources at to either suppress undesired results or enhance desired results. Everything that you don’t control, which has little or no impact on your business you should just monitor at most, to ensure the impact doesn’t become bigger, don’t waste resources on trying to control it. The factors or elements that have enormous impact on your business, over which you have little or no control, should be planned for and monitored carefully. You need at least 4 strategies in place to deal with declining or increasing elements, even trying to bring them into your sphere of influence or control, or you will become a victim of circumstances beyond your control. Forewarned is forearmed – probably a better slogan to live with.
To experience the full effect of proper insight based planning which includes planning for the uncontrollable, get in touch and we will come and talk about your immediate concerns in your business environment.