A deep-dive explanation about the main categories of strategic risk (Governance, Operational, Competitive, Financial, Reputational), and the 4-step process you can use to evaluate them.
We don’t get to choose our first name, at least not for the first 18 years of life. It’s something our parents pick; their first gift to us, so to speak.
While we do have the option to change it once we reach adulthood, most of us stick with our given name for life.
A recent event at a coffee shop in Philadelphia has stirred controversy about subconscious bias, corporate policies, and how to repair a company’s fractured reputation.
In this article, I explain:
- the facts behind this event (including quotes from the young men, Starbucks leaders, Philadelphia police and Mayor, and other experts)
- What are Policies and Procedures?
- When the Enforcement of Policy Shows an Underlying Bias
- Starbucks’ Official Statement
- Taking Action: What You Can Do to Prevent a Starbucks-Like Incident
- The 7 Symptoms of Implicit Bias, and
- My Conclusion
Strategic planning is a fascinating and complicated process. There is no “correct” way to create a strategic plan; every leadership team has a unique definition of where the company is going or how you’ll get there.
While this wide range of options allows for tremendous latitude and flexibility, a company’s planning process can be TOO easygoing. It’s a bit like having a body with all the bones connected (immobilized) and one that has no bones at all (a bowl of jelly). Both extremes — too rigid or too relaxed — make it easier for threats to creep in and destroy what you’ve worked so hard to create.
Most organizations use a Strategic Plan (though certainly not all, in my experience). And most plans define the company’s Vision, Mission, Values, Objectives, and Measures — which I abbreviate as VMVOM.
But while a plan can look great on paper, most strategic plans do not consider strategic risks.
In this post, I’ll review 5 types of risks specific to the strategic planning process, and which one I believe is the most critical to organizational growth.