Speed is the competitive advantage

The above well-known quote means that if we don’t prepare, then we are setting ourselves for failure. However, in a volatile business environment, would a well-prepared plan help our organization to remain resilient?

Typically, organizations may spend a lot of time and resources to devise detailed business plans, cashflow projections, return on investment estimation, risk mitigation plans, etc. Plans could be prepared meticulously over a span of a period, maybe months or even years, taking into consideration multiple scenarios that could affect the projection.

However, in our relentless business climate today, every business plan, projections, annual budgets can be outdated in a matter of weeks or months. Disruptions such as fluctuating economic cycles and oil prices, natural disasters to regulatory changes, geopolitical tensions, new technologies and new customer behaviors, etc could render our plans immaterial within a short period.

Hence, an organization’s survival will not be from adhering to the plans but by continuously pivoting and adapting accordingly. Leaders in our organization’s need to have the ability to move fast, think on their feet and be resilient to endure the various disruptions. Past practice of annual planning, long term projections need to be changed in favor of nimbler and shorter planning cycles. In a continuously disruptive business environment, speed will be our competitive advantage.

Is your organization relying on long term plans or continuously adapting to the changing business environment?