Responding to what you learn.
WHEN TO REVIEW
On a regular cycle, and when something significant changes.
WHAT SIGNIFICANT CHANGES INCLUDE
A major customer lost or won A competitor entering or leaving Regulation changing Costs moving materially Demand shifting
WHAT TO ASSESS
Whether the assumptions still hold Whether the choices are producing results Whether something has changed
WHAT TO EXAMINE
Results against what you expected.
WHAT A GAP MEANS
Either the strategy is wrong, or execution is.
HOW TO TELL
Whether the planned actions were actually done.
WHY THAT QUESTION FIRST
Most failures are execution, and changing a sound strategy makes things worse.
WHAT TO DO IF EXECUTION WAS INCOMPLETE
Address that before changing direction.
WHAT TO DO IF IT WAS COMPLETE AND RESULTS DID NOT FOLLOW
Examine the assumptions.
WHAT TO CHANGE
The specific assumption that proved wrong.
WHAT TO AVOID
Changing direction frequently Abandoning a strategy before it has had time Persisting with one that is clearly failing
WHY BOTH ERRORS OCCUR
Judging the right moment is genuinely difficult.
WHAT HELPS
Deciding in advance what result would justify continuing or stopping.
WHAT TO RECORD
The decision and its reasoning.
WHY
It lets you assess your own judgement over time.
WHAT TO COMMUNICATE
Changes, and why.
