The key to planning in an uncertain economy? Ruthless prioritization

For decades, executives have been taught to do more with less, but in an uncertain economy, the best way for companies to plan is to cut back on the growing list of priorities and do less. Leaders need to resist the urge to make too many things a strategi

The need for speed

Look at it this way: If you have one major priority to achieve with your available resources, it will require a certain amount of time. If you double the number of priorities, it will take twice as long with the same resources. A project that takes too long to

come to fruition is all too often born into a world that no longer needs it. So, the answer is to do fewer things faster. Learn from the successes—and from the failures and imperfections that inevitably happen along the way. If you can truly devote all your attention to a single priority, chances are it will provide momentum for the next project.

Hitting a bull’s-eye through the fog

The trick to ruthless prioritization is selecting the right initiative to focus on. Choosing wisely means predicting meaningful shifts shortly before they occur. And that in turn requires sensing, understanding, and amplifying “weak signals,” insights driven by a deep understanding of the growing customer needs that lurk in the foggy information companies collect every day. Machine learning and AI, and data science can make sense of that data to help companies identify weak

signals. Once signals are highlighted action is essential. It’s important to build radical agility and responsiveness into everything you do to allow for speedy actions.

Narrowing the focus on tech

The COVID-19 pandemic accelerated the move to the cloud and expedited digital transformation. Many companies crunched their five-year roadmap to digitize into two years. Focusing on the top one or two tech projects and driving them forward with gusto can be a game changer. When prioritizing, look at every business process. Scale back your sales strategy to focus on the right customers. Examine your talent acquisition strategy and make sure you’re hiring for the right skills to meet those priorities.