Author: George Liacos
How to think more strategically: Timing: Example (Part 2)
Strategic thinking does also come down to the right time.
We build our strategic thinking muscle using a range of techniques and tools as outlined in my book Spark Change.
The fifth Spark I’d like to introduce you to is Timing. Let’s share with you an example.
How to think more strategically: put ‘timing’ into action
There are two streams of ‘timing’ thinking. The first is preparing yourself so that when the time is right, you can act. The second is taking advantage of unforeseen opportunities. I think the second is really an accelerated version of the first, so I have stepped the first out here.
To practically implement the Spark of timing in strategic thinking, follow these steps:
1. Create your success criteria: Develop a clear and defensible view on ‘what good looks like’. If all these conditions are met, then it’s the best time to act.
2. Set your baseline:
a. Market analysis: Begin with a thorough analysis of market trends and patterns. Understand the cycles, seasonal fluctuations and consumer behaviours that could impact your strategy.
b. Industry, sector or segment monitoring: Use a tool like Porter’s Five Forces (an oldie but a goodie) to help you make sure you can see all the actors in your sector. Keep a close watch on actors. Anticipate their moves and plan your timing accordingly.
c. Internal readiness assessment: Ensure your organisation is ready to act. This involves aligning resources, preparing teams and setting up necessary processes.
3. Create your triggers (don’t go overboard, keep it tight, keep it simple). These include:
a. A view on where you are now against each element in the success criteria.
b. A way to be alerted if things change and move closer to your success criteria.
c. A set of actions to take when one of your conditions is triggered.
4. Develop your stakeholder engagement plan: Consider the best time to engage stakeholders. Timing your communications and actions to align with their expectations and readiness can significantly boost support and success.
5. Conduct risk assessment: Evaluate the risks associated with timing. Consider potential market changes, competitor reactions and internal capabilities to mitigate risks.
6. Develop your ‘Go’: Have your plan ready to hit the Go button so you can just get into the doing once your success criteria are triggered.
7. Create feedback loop: Establish a feedback mechanism so you can do it better next time.
These steps might sound like a lot, but will start to just flow in your mega mind after some practice. And by following these steps, you can effectively integrate timing into your strategic planning, ensuring that your actions are not only well planned, but also executed at the most opportune moments for maximum impact.
How to think more strategically: develop ‘timing’
Here are some ways to develop your timing Spark:
- Scenario-planning workshops: Engage in workshops to explore how timing affects strategic outcomes, using facilitators or software to simulate future scenarios.
- Time-series analysis education: Learn to predict future events by studying past trends through online courses.
- Simulation software: Utilise tools like AnyLogic to model business processes and assess timing impacts.
- Competitive intelligence training: Take courses to learn about competitor timings and adjust your strategies accordingly.
- Mentorship: Seek advice from industry experts with professional experience who have a proven track record in strategic timing.
These techniques will not only boost your theoretical knowledge, but also provide practical skills for effectively applying timing in your strategic decisions.
Resources & Support
This is why I wrote the book Spark Change, developed the Strategic Thinking Masterclass, and have released The Spark Strategic Leader ™ Subscription Program – all to help our sector’s leaders build the strategic thinking muscle.
Contact us at info@sparkstrategy.com.au to find out more.
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