Pub. 9 2020 Issue 3

19 F A L L | 2020 on what may be changing for your stakeholders. Third, create narratives around how you might serve those changing needs. Fourth, monitor which of your narratives becomes increas- ingly supported by the real-world trends and events. Embrace planning Meaningful and productive planning can be achieved even amid significant change. Even when your assumptions appear to be in motion, you possess the ability to narrow the range of uncertain variables, assess the quality of our existing priorities, identify key measures that will require strategic and operational changes, and discuss potential opportunities. Planning at its core addresses why your organization ex - ists, where you are now, where you want to go, and how you plan to get there. If you begin with the fundamental question of why the organization exists, the process becomes apparent even in uncertain times. For most organizations, the reason for existence is to serve stakeholders: customers, shareholders, funders, and employees. What is changing for your stakeholders? It is easier to assess the status of our stakeholders than it is, to begin with, internal performance. By focusing on their needs, we can begin to determine what is likely to change for them and what is likely to stay the same. Their needs will drive our strategic direction. Create narratives In the planning process, you will need to accept that you must make a range of assumptions regarding how the economy and stakeholder behavior will change. Usually, you have long-term trends to guide your discussions. From those discussions, you develop a story or narrative of what you believe will occur. Strategic responses are built around that narrative. In times of great change, you may be required to de- velop alternative narratives that take into account significantly different potential outcomes. Monitor which narratives most resemble emerging reality Effective planning is not an event. It is a process. Once you have committed your organization to adapt to your selected narratives, carefully monitor how emerging facts compare to the key assumptions in each narrative. As time passes, likely, some narratives deviate sufficiently from real - ity that they can be eliminated. Over time you gain confi - dence in other narratives. It is impossible to predict the future with perfect accuracy. But it is possible to anticipate potential risks and opportuni- ties. Planning in times of uncertainty is not about getting it completely right. It is about considering the possible outcomes and being able to more quickly respond to risks and opportu- nities when they arise. Times of significant change unquestionably present risks that require caution. But such times always create current opportunities for those prepared to recognize them. Planning can help you be ahead of what comes next. Mark Mangano is counsel with Jackson Kelly PLLC. Mark is an attorney focusing on strategic planning, corporate governance, and banking matters. He has 26 years of experience as the CEO and owner of a community bank. He can be reached at mark.mangano@jacksonkelly.com . 304-284-4104 F E A T U R E