Identify Risks to Plan Execution

In the previous Strategy Article, we discussed using the PESTLE analysis to spot potential risks in your new strategic plan. If you gave PESTLE a try, you likely identified a number of risks or roadblocks. Some would be great big “hard to get your arms around it” risks, and others might be much more manageable in size or scope. In this article, we’re tackling the three biggest risks you might face – the ones that could halt your strategic plan in its tracks completely.

Using the “Identifying Risks to Plan Execution” exercise below, first identify the risk, then answer these questions:

• What will it mean for your strategic plan if this risk occurs??
• How likely is it that this risk will occur?
• What will your organization have to do if the risk occurs?

By answering the first two questions, you’ll get a better idea of how serious (or innocuous) these threats are to your plan.

The third question helps you understand how to adjust if/when the risk occurs. By answering this question now, you remove the uncertainty around how to navigate the risk when it occurs. Sometimes it will mean pausing a step goal, but more often you’ll find your team coming up with solutions that allow you to keep momentum. Sometimes those solutions will be in reaction to the risk occurring. In other cases, the solutions will be proactive in nature thereby ensuring that the risk doesn’t occur in the first place.

Risks are most powerful when we don’t respect them. By applying the Identifying Risks to Plan Execution exercise ahead of time, you’ll ensure you’ll be in complete control when a roadblock tries to slow your strategic plan down.