Taking strategic action

You should now have a good idea of how key drivers could affect your organisation. The big question to ask next is “now what?” It is important to consider carefully how to make the most of the opportunities that present themselves and to minimise the effects of the risks. Read more about managing risks. The three opportunity “I”s Considering the impact of drivers will throw up a range of opportunities for your organisation. These usually fall into several categories: opportunity to improve – to do what you do better opportunity to innovate – to do different things opportunity to improvise – to manage risks and threats. You could start by thinking about the possible responses your organisation could make to each of the opportunities. Once you have looked at the strengths and weaknesses of each option, you will be in a better position to make an informed choice. Tools such as force field analysis, cost-benefit analysis and risk analysis will all help you to weigh up options. Sometimes you may need to do a feasibility study – an in-depth look at whether something will work in practice. Often a pilot or trial will help test out and enable you to develop learning if you are thinking about a new service or product.The response your organisation makes will depend on many things such as its current capacity, its ability and flexibility to respond, the size of the opportunity or risk, and the state of the organisation’s existing strategy. Some decisions may complement the organisation’s strategy. Others may not, and might need to wait for the next major strategic planning process. The implications of some drivers may be so important however, that you may be prompted to review your current strategy.

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