I've heard this quote many times in my life and I have used it liberally with my teams. I believe that it is a variation of a quote by Louis Pasteur. Another similar quote, from the Roman philosopher Seneca, is "Luck is what happens when preparation meets opportunity."
Both of these "luck favors the prepared" quotes highlight the necessity of being prepared and the role preparation has in reducing the undesirable potential of unmanaged chance.
Today, business leaders (at least the good ones) are trying to think ahead and to prepare for what comes next. Getting through challenging times is much less difficult if you are prepared and have a clear idea of where you want to go and what you need to do to arrive at that destination (a little luck doesn't hurt either).
How to Be Prepared
It's a cliché, but it's true: luck favours the prepared. If you want to be successful, you need to put in the work ahead of time and make sure you're ready for whatever opportunity comes your way.
But... How does a person prepare for a shockingly uncertain future? How do you prepare for chance? How do you use "Luck favors the prepared" in your strategic thinking?
We're not talking about hoping for good luck, we're talking about that thing that eludes many - well-considered preparedness.
Planning and preparation are essential for any goal you want to achieve. If you want to be successful in business, for example, you need to have a solid business plan and know your industry inside out. If you want to lose weight, you need to create a diet and exercise plan and stick to it.
The same is true for luck: if you want luck to favor you, you need to prepare yourself for it. That means being alert and aware of opportunities, and having the skills and knowledge to take advantage of them. It also means being in the right place at the right time, and having the courage to act when opportunity knocks.
I believe that the answer is to employ strategy development principles, frameworks, and methodologies, coupled with deep thinking and brainstorming to go along with all of that luck.
SWOT - A Strategy Development Framework
The strategy development process includes a web of concepts, principles, frameworks, tools, and processes. Many of these are complex and arcane, but some, like the venerable SWOT analysis, are easy to understand and use.
Identifying your strengths and weaknesses, and subsequently, the opportunities and threats associated with them is the easy part.
Thinking through this exercise for other market participants such as your competitors is also important.
And, most importantly, I think that the time to be doing this is right now. Being prepared is hard work, but it will pay off in the end.
Sure, the exigencies of addressing problems like store closings, supply chain disruption, consumer fear, and the requirement for our teams to work remotely, are important challenges that deserve our attention. Luck won't solve these problems, but preparation will.
But we must set-aside time, resources, and energy, to work through strategy development to ensure that we will be prepared when these opportunities arise.
And, don't forget those elements that are often thought of as "uncontrollables," such as government regulation, the economy, weather, technology, and market trends. Another powerful tool for strategic planning that addresses these factors is a Business Wargame.
The Business Wargame Framework - Luck Favors the Prepared Mind
Business wargames are a powerful tool for evaluating various strategic concepts through the eyes of your competitors.
A business wargame can help you anticipate unexpected events and plan for how to manage the impact of those events.
Analysis of all of these elements will help you be more prepared. Luck favors strategic thinking as well.
Risk Assessment & Planning
One of the most important aspects of preparation is risk assessment. What could go wrong, and what can be done to minimize those risks? Having a solid plan B in place is also essential; if your original plan falls through, you'll need a backup ready to go. And finally, always remember that fortune favors the bold. If you see an opportunity, go for it - you may not get a second chance.
No business is immune to unexpected events - a fact that all entrepreneurs must be prepared for. By taking the time to plan and prepare for potential disruptions, you can minimize the negative impact they might have on your company. Here are some tips on how to get ready for anything:
1. Have a crisis management plan in place. Every business should have a detailed plan in case of emergencies. This plan should include procedures for dealing with everything from natural disasters to data breaches. Make sure all employees are familiar with the plan and practice implementing it regularly.
2. Stay organized and keep track of important documents. In the event of a disaster or other emergency, you'll need quick access to important information like insurance policies, bank account numbers, and vendor contact information. Make sure you have a system in place for organizing and storing this data and update it regularly.
3. Establish a backup plan for critical systems. If your business relies on computer systems or other electronic devices, make sure you have a backup plan in place in case of a power outage or other disaster. This might include having a spare device or keeping important files backed up online.
4. Keep a cash reserve on hand. Unexpected expenses can crop up at any time, so it's always wise to have some cash on hand. This will help you cover unexpected costs until you can get back on your feet.
5. Stay informed about potential risks. It's important to be aware of the risks your business might face, both in the short and long term. Keep an eye on industry news and trends, and plan for potential disruptions that might occur.
By preparing for the unexpected, you can reduce the risk of major setbacks to your business. With luck, you'll never need to put your crisis management plan into action - but it's always good to know that you're prepared just in case.
Chance favors the prepared. This old adage is especially true when it comes to contingency planning. By taking the time to plan for potential emergencies, you give yourself the best chance of weathering any storm
One of the most important aspects of contingency planning is creating a disaster recovery plan. This document should outline how your business will resume operations in the event of a major disruption. It should include information on backup systems and procedures, as well as contact information for key personnel.
Another important part of contingency planning is having adequate insurance coverage. Make sure you are insured for all possible risks, including natural disasters and cyberattacks.
Force Majeure Events
It doesn't matter what type of business you run, planning for "what if?" moments is crucial. These 'Acts of God', also known as 'Force Majeure' events, are natural disasters like floods, earthquakes, and fires. Many of these events are out of our control. Financial risks can include insufficient cash flow and PR scandals. These can have a severe impact on your customers' and company's well-being. It's true that fortune favors the prepared.
In 2011, Thailand was hit hard by flooding during the monsoon season. Big companies with operations in Thailand, like Toyota and Canon, had to suspend production because of the flooding. Both companies saw a drop in operating profits and sales because of the event.
It is important to consider the potential consequences before they happen. The bottom line is that you may not stop it from happening, but you can prepare.
The first step in identifying potential hazards is to perform a risk assessment on your business. This will allow you to determine potential threats and their potential effects, as well as to determine what precautions to take in order to reduce any future danger.
Recognize risks by levels (e.g., low, medium, or high) and have a better understanding of how you can tackle them. This type of assessment should be done annually, regardless of the size of your company. This will help ensure your overall success and avoid any unexpected surprises for your customers and business.
Fate favors the prepared...
The Art of War
On the other hand, if your adversary uses his strength against your weaknesses, you experience threats. Luck favors the prepared.
Let's think ahead and spend some of our time and energy planning for the future so that we are ready to welcome lady luck into our arms due to our preparedness.
Chance can be capricious, so manage it with preparedness. Good fortune is great to have, but it is better to guarantee good planning over hoping for good fortune.
Luck favors the prepared is a motto to live by. Louis Pasteur was surely right about how luck favors the prepared mind and he saw clearly how it can bend the forces of chance.
Asymmetric specializes in a range of unique and highly-effective marketing, insights, and strategy processes and programs. We believe that luck favors the prepared.
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Use "Luck Favors the Prepared" in Your Business
Asymmetric, led by former Army Delta Force operator and corporate executive, Mark Hope, can help you implement these ideas in your business. You can contact Mark by email at email@example.com, or by telephone at +1 866-389-4746, or you can schedule a complimentary strategy discussion by clicking here. You can read all of his articles on Medium.
Mark A. Hope is the founder and CEO of Asymmetric Marketing – a unique agency specializing in building high-performing sales and marketing systems, campaigns, processes, and strategies for small businesses. Asymmetric has extensive experience with organizations across many industry segments. If you would like some help in implementing ideas like these in this article, feel free to give Mark a call at 866-607-3593 or by email at firstname.lastname@example.org.