{"id":174,"date":"2008-05-16T19:24:20","date_gmt":"2008-05-16T19:24:20","guid":{"rendered":"https:\/\/bhgrealestateblog.com\/long-fuse-big-bang-part-3-of-3.html"},"modified":"2024-12-30T14:54:58","modified_gmt":"2024-12-30T19:54:58","slug":"long-fuse-big-bang-part-3-of-3","status":"publish","type":"post","link":"https:\/\/bhgrecareer.com\/bebetterblog\/long-fuse-big-bang-part-3-of-3\/","title":{"rendered":"Long Fuse, Big Bang (Part 3 of 3)"},"content":{"rendered":"<p><strong>Posted by Nicolai Kolding<\/strong><\/p>\n<p>For those of you who have read the first two parts of my trilogy on long-term strategic planning:\u00a0 I swear I&#8217;m almost done.\u00a0 If you have actually enjoyed this ride, well, thank you.\u00a0 We should meet one day.\u00a0 I can only assume you&#8217;re one-of-a-kind, wildly misunderstood, absurdly funny (if only to yourself most of the time), and have the kind of mind that collects countless random statistics (most of which have no practical applications).\u00a0 You probably drive a manual transmission.<\/p>\n<p>You ready then for the grand finale?\u00a0 Let&#8217;s hop to it.\u00a0 If you recall, our two questions created four Scenarios each with a probability attached.\u00a0 Our next step is to assess the organization&#8217;s level of preparedness.\u00a0 Ask yourself:\u00a0 what would happen to my company if any one of my Scenarios came true?\u00a0 As an example, let&#8217;s take the bottom left Scenario:\u00a0 in this instance we have broker commission rates artificially capped at 2% while Goozillsoftmart has decided not to become a player in direct brokerage.\u00a0 For any company that has already been doing business at 2%, this could be a welcome environment.\u00a0 They can go about business as usual while their competitors scramble to reposition themselves.\u00a0 For many, it would force a hard assessment of how the company is structured.\u00a0 The result would inevitably be dramatic change.<\/p>\n<p>Ask the same question for each of your Scenarios.\u00a0 In each case, assess where you stand and what would have to be done in order to thrive in the new world order you&#8217;ve imagined.\u00a0 Try to get as specific as possible:\u00a0 factor in costs needed (both dollars and human capital) as well as implementation time.\u00a0 Although the tendency will be to focus on the negative implications, with some thought you are sure to imagine the upsides to each Scenario.\u00a0 What is it about your company now that could be accentuated?\u00a0\u00a0 The more unique to your company a positive trait is, the more you should consider emphasizing it.<\/p>\n<p>The next step is to review the probabilities attached to each of the Scenarios and compare them to the cost\/opportunity analyses you created.\u00a0 This is where you decide where your resources will be best allocated over the next several years.\u00a0 Let&#8217;s say a very-low probability Scenario would cost a tremendous amount to adjust to.\u00a0 Unless some of those same changes would also be needed in your higher-probability Scenarios, your resources are best allocated elsewhere.\u00a0 But say that same low-probability Scenario instead has a small cost attached to it; making the change could be viewed as an insurance policy, assuming it does not negatively impact other Scenarios.\u00a0 In many cases, your conclusions won&#8217;t be so cut and dry.\u00a0 But what you&#8217;ll likely see is that some of the same changes could &#8220;solve&#8221; several Scenarios.\u00a0 You may conclude that some changes should wait until you have more &#8220;proof&#8221; that one of your Scenarios is developing.\u00a0 Even if you do this, you&#8217;re out ahead on the planning curve.<\/p>\n<p>The key now is to build annual and multi-year budgets consistent with what you have concluded from this process.\u00a0 If your expenses aren&#8217;t adapting to the Scenarios, challenge yourself to live up to your conclusions.\u00a0 This is the hardest part.\u00a0 You may find yourself second-guessing your Scenarios in order to avoid change.\u00a0 The better response is to go back to your Scenarios and test your conclusions.\u00a0 If you still believe in them, then get out there and move your company in that direction.<\/p>\n<p>In order to keep your Scenarios living, look for articles that directly support or refute any of them.\u00a0 Start four folders and file articles in each.\u00a0 With time, you may notice one folder growing faster than the others.\u00a0 By this process, you periodically review your probabilities and make adjustments as needed (e.g., if a particular Scenario had a 10% probability but that folder is bursting at the seams, you may want to rethink that 10%).\u00a0 As probabilities change, so too do the plans.\u00a0 It keeps the process dynamic.<\/p>\n<p>That&#8217;s it!\u00a0 Simple, right?\u00a0 If you now feel ready to plan based on this method, I suggest you include all your valued employees and agents in the process.\u00a0 Not only will it maximize the creative ideas, but my hope for you is that you will create Scenarios that everyone in your organization believes in.\u00a0 When that happens, your entire organization should better understand, and thus embrace, any changes you propose.<\/p>\n<p>Be bold.\u00a0 Be daring.\u00a0 Challenge yourselves to see the future first.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Posted by Nicolai Kolding For those of you who have read the first two parts of my trilogy on long-term strategic planning:\u00a0 I swear I&#8217;m almost done.\u00a0 If you have actually enjoyed this ride, well, thank you.\u00a0 We should meet one day.\u00a0 I can only assume you&#8217;re one-of-a-kind, wildly misunderstood, absurdly funny (if only to [&hellip;]<\/p>\n","protected":false},"author":181,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[181],"tags":[38001,41151,41991],"class_list":["post-174","post","type-post","status-publish","format-standard","hentry","category-real-estate","tag-scenario-planning","tag-steep","tag-swot"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Long Fuse, Big Bang (Part 3 of 3) - Better Homes and Gardens Real Estate Be Better Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bhgrecareer.com\/bebetterblog\/long-fuse-big-bang-part-3-of-3\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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