Expert opinion

Delivering in-flight corrections – why all your plans need a regular review

Myles Hamilton, Director, Shaw & Co, shares his advice on the importance of making in-flight changes to a business exit plan...

3 minutes
July 18, 2024
Words:
Myles Hamilton
Images:
PDF:
Report

”The first casualty of war is always the plan.”
Cory Doctorow

As the old saying goes ”The first casualty of war is always the plan.” Thankfully, the world of business is somewhat less dramatic, but the same can be true for any business plan or exit strategy. A carefully crafted plan or strategy might capture the right course of action at the time of sign off, but internal and external factors change – and you need to adapt and react quickly.

A more fitting analogy that we use with clients is the idea of ‘in-flight corrections’. Imagine setting off on a flight. You have taken off, set the aeroplane's on the right heading; so can you lock off the controls and expect to arrive at your destination? No, of course you can’t. There will be winds and turbulence, weight may shift as the plane’s fuel is burnt off and passengers move around, all of which you will need to make corrections for if you are to make it safely to your destination.

You should think about your business plans and exit strategy in the same way. The ultimate destination or goal may remain the same, however the actions (or inputs) you need to undertake to get there will be constantly changing.

Myles Hamilton

Any business plan or exit strategy will benefit from a quarterly, or at the very least a bi-annual, review. Reviews need to be carefully managed to ensure they don’t fall foul of the ‘next bright idea’ - an absolute favourite of the entrepreneurially-minded owner and the nightmare of all management teams. This is not an occasion to make change for the sake of change and, after careful consideration, changing nothing could actually be the right and valid outcome. Consistency and familiarity have value, especially when you are trying to get a large number of people (ie your stakeholders) to buy into, and ultimately deliver, your vision.

However, every business owner also needs to be open to the idea that the plan could indeed be a casualty. Never be too blinkered to accept that either the plan was wrong in the first place, or the environment around you has changed in such a way that it is no longer viable. At that point you are going well beyond ‘in-flight corrections’ and will therefore need to adopt a significantly different approach to re-planning.

If you'd like to discuss how Shaw & Co can help you sell, buy or fund the growth of a business, please book a meeting here

Words:
Myles Hamilton
 - 
Director
Read 
Myles Hamilton
's bio

INDUSTRY Content

See all Shaw Reports
The Shaw Report: Leisure, Tourism & Sport - Interim Review #2

Shaw Report

|

June 27, 2023

The Shaw Report: Wholesale & Retail Trade - Annual Report #2

Shaw Report

|

June 27, 2023

The Shaw Report: Property & Construction - Annual Report #2

Shaw Report

|

May 30, 2023

The Shaw Report: Automotive, Transport & Logistics - Interim Review #2

Shaw Report

|

May 24, 2023

The Shaw Report: Manufacturing & Engineering - Interim Review #2

Shaw Report

|

May 10, 2023

The Shaw Report: Food & Drink - Interim Review #2

Shaw Report

|

May 9, 2023

The Shaw Report: Technology, Media & Telecoms - Interim Review #2

Shaw Report

|

April 17, 2023

The Shaw Report: Energy & Natural Resources - Annual Report #2

Shaw Report

|

March 28, 2023

The Shaw Report: Professional Services - Annual Report #2

Shaw Report

|

March 20, 2023

The Shaw Report: Banking, Financial & Insurance Services - Annual Report #2

Shaw Report

|

February 28, 2023

The Shaw Report - Healthcare & Life Sciences Annual Review December 2022

Shaw Report

|

December 14, 2022

The Shaw Report - Wholesale & Retail Trade Industry Interim Review December 2022

Shaw Report

|

December 14, 2022

The Shaw Report - Leisure, Tourism and Sport Annual Review November 2022

Shaw Report

|

November 29, 2022

The Shaw Report - Property & Construction Industry Interim Review November 2022

Shaw Report

|

November 23, 2022

The Shaw Report - Technology Media & Telecoms Industry Annual Review October 2022

Shaw Report

|

October 19, 2022

The Shaw Report - Automotive, Transport & Logistics Industry Annual Review October 2022

Shaw Report

|

October 12, 2022

The Shaw Report - Professional Services Industry Interim Review September 2022

Shaw Report

|

September 26, 2022

The Shaw Report - Manufacturing & Engineering Industry Annual Review September 2022

Shaw Report

|

September 1, 2022

The Shaw Report - Banking, Financial and Insurance Services Industry Interim Review August 2022

Shaw Report

|

August 23, 2022

The Shaw Report - Healthcare & Life Sciences Interim Review August 2022

Shaw Report

|

August 11, 2022

Food & Beverages Industry Report 2022

Shaw Report

|

July 22, 2022

The Shaw Report - Leisure, Tourism & Sport Interim Review July 2022

Shaw Report

|

July 19, 2022

The Shaw Report - Energy & Natural Resources Interim Review June 2022

Shaw Report

|

June 27, 2022

Shaw & Co launches annual analysis of wholesale & retail trade industry

Shaw Report

|

June 29, 2022

The Shaw Report - Automotive, Transport & Logistics Interim Review May 2022

Shaw Report

|

May 19, 2022

Shaw & Co Launches Annual Analysis of Property and Construction Industry

Shaw Report

|

May 6, 2022

The Shaw Report - TMT Interim Review May 2022

Shaw Report

|

May 5, 2022

The Shaw Report - Manufacturing & Engineering Interim Review April 2022

Shaw Report

|

April 8, 2022

The Shaw Report - Food & Drink Interim Review March 2022

Shaw Report

|

March 25, 2022

The Shaw Report - Professional Services Annual Review 2022

Shaw Report

|

March 17, 2022

The Shaw Report - Leisure, Tourism & Sport December 2021

Shaw Report

|

December 14, 2021

The Shaw Report - Health & Life Sciences December 2021

Shaw Report

|

December 10, 2021

The Shaw Report - Banking, Financial & Insurance Services December 2021

Shaw Report

|

December 8, 2021

The Shaw Report - Energy & Natural Resources November 2021

Shaw Report

|

November 16, 2021

The Shaw Report - Technology, Media & Telecoms October 2021

Shaw Report

|

October 28, 2021

The Shaw Report - Automotive, Transport & Logistics October 2021

Shaw Report

|

October 14, 2021

The Shaw Report - Manufacturing & Engineering October 2021

Shaw Report

|

October 1, 2021

The Shaw Report - Food & Drink September 2021

Shaw Report

|

September 27, 2021