Situation: A company finds that new opportunities are coming in more slowly than they had planned. They have work now, but no confidence that this will continue long term. This is frustrating because they are in the middle of a transition in their business model. How do you create clarity about the future?
Advice from the CEOs:
- There is a lot of uncertainty in the business world. Low oil prices are depressing investment in the energy sector. Global political and economic uncertainty are not conducive to bold expansion plans. This uncertainty may last for some time. Companies have to adapt.
- A mapping solution is a used by some companies use to create clarity between alternatives:
- Start with box representing where you are now.
- Draw boxes representing each of the alternatives that you are considering.
- Map the paths that will get from where you are now to each alternative. Draw them out, including what you have to accomplish and what resources you have or must acquire to get to each.
- Do a SWOT analysis (strengths, weaknesses, opportunities, threats) for each alternative.
- This will help you to think through each of the options and identify the benefits and pitfalls of each.
- This is a great exercise to do with your management team, as others will add their own perspective and insights.
- Tools: use Post-it notes – either easel pads or larger (5” x 8”) Post-it notes. Put these on the wall, and start sketching out your ideas with boxes and paths. Revisit the charts for at least a few minutes a day for the next 3-5 days. You will be amazed at both the number of new options you generate and how the obvious options rise to the top.
- This is much easier and more productive than it may sound. Don’t fear the process.