Over the last few decades, the speed, depth, and scale of technological development have produced such a conducive environment for innovation that it has fundamentally altered the way businesses prosper. Today’s most disruptive, forward-thinking industry leaders aren’t only those with the most innovative ideas or the most considerable finances but are those who are the most agile—those that can predict and adapt to change the fastest.
But being agile is more than just responding quickly to adverse events. Although it may appear counterproductive, business agility is about having the necessary controls to manage and assess change properly. And the majority of that is determined by how you plan.
Here are a few steps to help you increase business planning agility today.
Create a Decision-making Framework
Any company may enhance decision speed and quality by focusing on what and how it decides. How to go through the various stages and when to do so are defined by a framework.
The premise is to go through each stage in a specific order, even if you feel they aren’t relevant for the current circumstance. You will get fantastic outcomes by changing and adjusting your foundation structure.
To do this, start by asking yourself the following questions.
- What should you and your company’s management consider? Offer choices and solutions.
- How quickly does your company make decisions? Remember that even on internal activities, your time is constantly being assessed.
- Do you feel pressured or unable to make timely decisions? Check if there’s a deadline set, and what happens if it is missed?
- What fundamental risk considerations should your organization assess? It’s important to take some time out of your cycles to evaluate the options.
- Who makes the big decisions at various stages? Schedule when and who will make choices along the way. At every level of your organization, decide who needs to grant final permission before moving forward.
Conduct Rapid Scenario Planning
Rapid scenario planning is an excellent way to plan in unpredictable times. It makes educated judgments and picks a course of action, which is a systematic process of imagining and evaluating potential futures.
Think of hypothetical scenarios for your organization. These can be influenced by internal or external variables, such as the length of a pandemic or the outcome of an election.
For example, consider the limitations on big gatherings, which would likely be extended for another month or year. Many businesses may consider restructuring their program and service offerings.
With a focused emphasis on business goals and the premise of constant change, scenario planning can help leaders find clarity in their strategic direction.
Don’t Forget Continuous Planning
Consider external forces of change that may influence your company, especially those you have no control over, such as election results or government regulations.
Explore internal change drivers that you can influence but are unclear about. This might involve recruiting, serving, or changing your organization’s emphasis or mission.
Explore different and possible futures. Create probable futures and their influence on your business goals in comprehensive scenarios and plan how your company can pivot in each situation. Discuss the pros and cons of each case with your team.
Strive to Adapt to Change
From financial fraud to economic catastrophes, your finance team’s function is critical to anticipating dangers that can be difficult to foresee or prevent.
Your financial strategy should account for business insurance costs, hazardous inefficiencies, and even unexpected spending. It is possible to develop various economic predictions for the firm, one where income is simple to get by and one or two others where revenue is harder to come by.
Identify hazardous areas inside the organization and evaluate your best actions if things go wrong. The key is to have a solid backup plan in place and see how your roadmap changes according to how you respond to these events.
Start Planning for Agility with Performance Canvas
Now more than ever, organizations must develop an agile environment where they can adapt and anticipate change, then respond as fast and effectively as possible.
Ensuring you’re set up with a business intelligence tool and financial planning software in one platform like Performance Canvas can give you all the capabilities you’ll ever need to become a more agile organization.
Performance Canvas answers the need for transparency by giving users access to reliable data and convenient tools to plan, collaborate, and work seamlessly across teams to achieve business goals faster. Performance Canvas also gives you one platform to house your financial and operational data and monitor KPIs easily.
Book a free PCF demo with our team today and see whether it’s the right tool you need to help you become more agile.
