Addressing Strategy: Developing a Worry List

Leaders and managers set the stage for their organizations during the strategic management process. As Benjamin Franklin once said, “If you fail to plan, you plan to fail.” But having a plan in place does not mean that there aren’t areas of concern. Areas of concern can live in your mind rent-free, not just professionally but from a personal point of view as well. Leaving areas of concern in one’s mind can become complex and get complicated, if it goes unchecked and undocumented. An effective method to address or “check” these areas of concern is to create a “worry list”. Yes, that is correct. In simple terms, make a "worry list". After leaders and managers develop or refine their vision, mission statement, objectives, and strategy, naturally they think about relevant scenarios or obstacles that may hinder their pursuit towards their stated vision, mission statement, and objectives.

Compiling a “worry list” that sets forth the strategic issues and problems a company faces should embrace such language as “how to…”, “whether to…”, and “what to do about…”. The purpose of compiling a worry list is to create an agenda of items that need to be addressed in crafting a set of strategic actions that fit the company’s overall situation (Thompson, 2020-2021, p. 98).

There are several methods a leader or manager can approach the task of creating a worry list. During this discussion, we will focus on the most effective method by means of focusing on the organization’s internal and external environments. This information can be derived from the SWOT analysis, or the opportunities and threats. Getting a good understanding of what obstacles or competitive challenges stand in the way, figuring out the organization’s problems or shortcomings that need to be addressed, determining which of the obstacles or competitive challenges block the organization’s ability to improve their competitive position in the market and boosting their financial performance, establishing relevant combination of strategic actions that will offer and position the organization in the best path to competitive advantage, and analyzing exactly what specific problems or issues warrant first priority attention by leadership developing strategic actions in the future. Each level of management has a role to play in ensuring that all of these align with the organization’s vision, mission statement, and objectives. This is important to designing a strategy that best fits and moves everyone towards the vision of the organization.

It is further stated, "a strategy is neither complete nor well matched to the company's situation unless it contains actions and initiatives to address each issue or problem on the "worry list" (p. 98).

What does a “worry list” look like then? See one example of a "worry list" shown in Figure A below.

Figure A. Example - Worry List for XYG, LLC

Bear in mind, there’s no right or wrong way to design or refine a "worry list". Worry lists can be developed in a Word document, a slide presentation, on a whiteboard, on a department's bulletin, or using other software and methods. The key is to make it simple and clear as if someone new reviewing the list can understand it. They can be simple, or detailed. I would not recommend it becoming so complex to where a good strategy cannot be formulated. In other words, you don’t want to worry about the “worry list”. The "worry list" should serve as a reference for leaders or managers to help prevent a strategy from going off course. And, if or when it does, they can look to the "worry list" for redirection or guidance.

So, when crafting a "worry list" think about as many potential areas of concern or scenarios as possible. It is better to identify and document early-on or as the strategy is executed it provides more or better information that can be addressed. As a result, leadership can focus on the task at-hand and be sure they have captured what needs to be addressed to ensure the strategy is not off course or can get back on track. It does not serve a leader or manager to constantly think about the same thing if or when they have already identified the root issue. During the upcoming strategic planning session, whatever needs to be addressed can be addressed with the appropriate solution(s). This is a useful tool for both professional and personal scenarios.

References

Thompson, A. A. (2020-2021). Strategy: Core Concepts and Analytical Approaches, 6th Edition. McGraw-Hill Education.

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Meet Nikia Smith, the Project Management Consultant driving success at Business and Wealth Generations. With over a decade of advisory expertise, Nikia orchestrates strategy and operations, spearheading growth and innovation. Beyond his professional endeavors, Nikia actively participates in his community, having served on the Board of Directors at the Project Management Institute Florida Suncoast Chapter in different roles for several years. Recognized for his contributions, he received the PMI Florida Suncoast Chapter Award in 2018 for significantly boosting membership and retention and was also selected to attend the 2019 PMI North America Leadership Institute Meeting in Philadelphia. Nikia holds a bachelor’s degree in Management and Organizational Leadership with a concentration in Project Management, alongside several business certificates from St. Petersburg College. He is also certified in CAPM and PMP by the prestigious Project Management Institute. For collaboration opportunities, reach out to Nikia at info@thebusinesswg.com.