How do election results change my company’s strategic, business, and product plan assumptions?
Were your strategic, business, and product plan assumptions based on one candidate winning or did you have scenarios for either outcome? Did you have a scenario in which one party would control the Presidency, House of Representatives and the Senate? How dependent were your strategy decisions on U.S. trade policy, corporate and individual tax policy, the Affordable Care Act, immigration policy, the strength of the dollar, student debt forgiveness, a national minimum wage, environmental regulation, etc.? Will policy and regulatory changes under single party control make your industry more attractive or less? How will your competitors react to these changes? Will political, regulatory, supplier, customer, investor, and competitor reactions be positive, disruptive or destructive to your industry and business?
If the questions above left you scratching your head it’s time to pull the strategic, business, and product level plans out and review the assumptions on which your forecasts and decisions were made. Depending on your industry, you may need to simply update or completely redo your external analysis to determine the political, economic, consumer, environmental and regulatory implications for your industry and business. Next, identifying what actions your competitors may take in this updated external analysis and monitoring for leading indicators that may signal competitor actions will position your company to be pro-active vs. reactive.
President, The Hedlund Group, LLC
Doug provides Line of Sight Group clients corporate, business unit, and product level strategy development and execution facilitation and guidance. Doug’s disciplined approach to strategy development and execution helps our clients translate our industry research and competitive intelligence into focused, actionable strategies and execution plans. Doug has evolved the disciplines and tools he utilizes over a twenty-seven year career in corporate development and strategy leadership roles at Deluxe Corporation, CUNA Mutual Group, and Mayo Clinic. In addition, Doug has taught the Strategic Management Capstone course in the MBA programs at the University of St. Thomas and Augsburg College since 2008 and 2009, respectively and has helped numerous organizations formulate successful strategy and strategy execution plans.