🔊 Everyone has a plan until they get punched in the mouth 🔊
Mike Tyson captures this so well – there is always strategy risk
It’s not just good enough to have a plan to achieve something. You have to also plan for when things don’t go according to that same plan. In Ireland, we say – ‘The Murphy’s Law Effect’.
No matter what your vision is, there will always be strategy risk. Things always change, that you can be sure of and you always need to be prepared! Can you prepare for every eventuality? Of course not!
Strategy risk planning is all about risk mitigation, I always like to use a military example:
A military leader will not just build their own strategy for success. They will also try to anticipate the enemies’ movements so they will be prepared and ready to counter. It can become a game of cat and mouse
And it’s the same in business. Many curveballs can flank your strategy. And it’s not about hoping they won’t happen, it’s about expecting them to and being ready to adapt quickly. We have seen through the pandemic how quickly things can change. And then change again, in lockdowns, out of them, then back in again, this is the cat and mouse.
Your business survival depends on building a strategy risk mitigation plan.
When I set up my 1st business… I knew this:
I thought I was great and knew it all, I built 3 strategies for my strategy risk plan.
- Showing profit
- Loss operating
And had a strategy risk mitigation plan, but I missed 1. I didn’t account for a global economic crash that happened in 2008.
A CRISIS Strategy – The biggest of all strategy risks.
That was a lesson I can tell you! Thankfully as we had covered a lot of bases we were able to battle through this. And while it was tough at the time, that’s where I got to really develop my business skills!
So going back to Mike Tyson’s quote:
Be prepared for the punch in the face and have a strategy risk mitigation plan for when it happens.I hope this helps, If you have any questions, please get in touch.