Executives can better align their perceptions with the realities of their business environment by first accurately evaluating the predictability and malleability of the environment. They should avoid overestimating these factors, as this can lead to misplaced confidence. Building adaptive capabilities to address unpredictable environments is also important. In practice, this could mean starting strategic planning by articulating a goal and then analyzing how to get there. Additionally, valuing accuracy over speed of decisions can be beneficial, even in fast-paced environments.
Follow up to the first part of our Business Strategies and Frameworks compilation, part 2 offers you...
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