Make action plans
Work out what to do in different circumstances. Major changes with major impacts on the business need the most attention. But prepare contingency plans for anything that could be important to the business, even if it is not expected.
These plans need not be lengthy, but the management team should spend some time thinking about what it might do if faced with a major problem.
It is best to review the external environment annually. Unexpected changes occur and have to be dealt with, but a formal review, in a typical three-year time frame, is a way to check your strategy is relevant in terms of how the market is changing.
Here are six threats and opportunities for your firm to look out for and plan around.