The best leaders create time to look forward and create a vision that ‘excites, stimulates and inspires’ (3D Characteristic #1: Get That Vision Thing!’) and an integral part of that process is trying to identify the Opportunities and Threats that the business faces.
Crucially it’s then all about doing something to minimise the threats and maximise those opportunities.
Of course, it’s very, very difficult (impossible?) to predict the future, and yes, we all know that hindsight is a wonderful thing, but this extract from the HMV’s first Annual Report in 2002 does, I think say a lot….
“Contrary to some forecasts in recent years, the internet has settled down to become a worthwhile but minority channel to market. For example, internet book sales have plateaued at just over 5% of the market, and it seems unlikely that there will be sufficient demand to enable multiple operators to develop profitably.”
Yes…they managed to miss the biggest single thing that impacted on their business (and many others!) and the result was very very sad.
So, some questions…
- How much time do you spend looking ahead and identifying the Opportunities and Threats your business faces?
- How much time do you spend working out what you’re going to do as a result?
- Who else do you involve?
Our research suggests that winning leaders ‘Fish In Different Ponds’ and get the opinions and views from a wide range of people, often in completely different circles, to get a wider perspective.
So, one last question…..
- Where should you be fishing, and who with?
