Here’s why you should not rely too heavily on three and five year plans…
A critical role of management is strategy – interpreting the outside world for the organisation and ensuring it responds appropriately to it. In the past, this has meant having a long-term outlook. Three, five and even ten year plans. Unfortunately, the world is changing at too rapid a pace for such time-frames. Take the taxi industry as an example. Relying on a five-year plan, in light of such disruptive entrants like Uber, would leave it redundant, even obsolete. Good management, today requires strategic planning cycles of months, not years. Whilst organisations must still have long-term goals, planning must be short-term. … Read more