Good Process Inhibits Great Planning
To compensate for heightened uncertainty, organizations are asking more people to review more data more often. Don’t stifle participants with added templates and meetings; strategic planning requires creativity and effort. Strategy leaders at progressive companies use tactics that offer more leeway.
To Reduce Disruptions, Make Your Supply Chain a Smaller Target
Chief supply chain officers can’t control the number of risks when they’re rocked by a seemingly endless series of seismic events. The typical action plan for unforeseen scenarios — responding to each one in turn and building resilience through backup suppliers or increased inventories — is no longer good enough. But CSCOs can limit their exposure in a surprising way.
The Transparent Enterprise Builds Trust to Weather Storms
Beyond the now-ubiquitous environmental, social and governance (ESG) report, organizations are publishing deeper dives into their water use, workforce diversity, supply chain labor practices and management of the personal data they collect. These disclosures have become critical building blocks of trust — vital to weathering external shocks that keep organizations asking investors, customers, regulators and employees to understand tough decisions to delay deliveries, raise prices, close retail outlets or freeze pay.
Guide the Business to Realign Operations When Strategic Priorities Shift
In times of turmoil, CFOs may fail to make a difference even if they wrestle funding away from capital uses that are fast losing value and surge large amounts to newly important initiatives. Capital pivots won’t work unless the people, technology and other capabilities that spending supports also flow to support execution. Only 32% of finance chiefs say their organization’s operational budgets are highly responsive to changes in strategic priorities. So they need to make allies in business units.
How Major Shocks Affect Employees — And How You Can Support Them
As long as businesses maintain multinational operations, they will experience significant shocks that rattle most — if not all — of the talent required to keep the enterprise running. Yet organizations can plan for and mitigate these effects; HR, the crisis management team, communications and every functional head and manager each play a role.