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“Goals in the rock, plans in the sand.” This popular adage can be applied on both a personal and business level. It means that one should not be willing to change or compromise one’s desired outcome, but one should definitely be willing to change the way one plans to achieve it. Plans should be like sand, naturally flowing around obstacles and through available openings.
When it comes to succeeding in the volatile world of finance, this mindset can be quite useful. In the words of John Allen Paulos, “Uncertainty is the only certainty there is.” This is particularly true of the markets and the economy. The landscape is always shifting.
That is why it’s so important for financial institutions to be able to be firm in their purposes, but flexible in their approach. It just doesn’t make sense to do business with a company that can’t “think on its feet”.
We are all familiar with the famous definition of insanity – “doing the same thing over and over and expecting different results”. But companies need to be able to do more than just learn from past mistakes. They also need to be able to adapt when methods that were once effective suddenly stop working or if the situation changes in such a way that they no longer have the proper environment or resources to continue to implement their original plans. In order to do this, it’s necessary to have a good procedure in place.
The first part of the process – the “rock” – consists of clearly defining the objective and the timeframe in which it should be achieved. The second part – the “sand” – involves creating a strategy and then continuously subjecting it to review and, if necessary, revision.
SWOT analysis can be a helpful technique in this regard. By constantly considering the strengths, weaknesses, opportunities and threats relevant to their current and future actions, businesses can make appropriate adjustments as they move towards their goals.
Continued success requires that planning be dynamic, not static. Businesses need to be flexible and responsive, keeping in mind that “there is more than one way to skin a cat”.
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http://www.prlog.org/
