For this week’s post, I would like to share an article written for Carrier Management, a quarterly journal targeting executives in the property & casualty insurance industry. Although examples are specific to the insurance industry, the advice and insights are applicable to any organization.
Whether formally documented or not, every organization is going to have strategic goals.
In many cases though, these goals are developed in haste without considering what must happen to achieve the goal or what could happen as a result of pursuing this goal.
As a result, the company always falls short of meeting its goals since executives and managers are always putting out fires instead of strategically focusing on achieving objectives. Even worse, this haphazard approach to developing strategic goals creates new risks that can be destructive to the organization.
Today’s article explores the tool of scenario planning (…or analysis) and how it can be used to understand these dependencies and consequences to ensure that goals are the right fit for the company. Also, learn how you company can benefit from scenario planning without falling prey to the endless “what-ifs” trap that busy executives and strategic planners prefer to avoid.
Thank you to Carrier Management for the opportunity to help their audience better understand steps they can take to improve strategic decisions.
Click the image below to access the full article.
Does your company use scenario planning during the strategic goal-setting process?
By doing so, have you seen an improvement in both the company’s day-to-day management and long-term prospects?
Again, the examples in this article target P&C insurance companies, but the tool of scenario planning should be an integral part of a company’s strategic planning process regardless of industry. To share your thoughts and experience, please feel free to leave a comment below or join the conversation on LinkedIn.
And if it always seems your company’s goals remain out of reach and you don’t know where to begin, please don’t hesitate to schedule a brief call to discuss your specific situation today.
Featured image courtesy of Sora Shimazaki via Pexels.com