As the saying goes, hindsight is 20/20. A phrase used to describe the fact that it is easy to be knowledgeable about an event after it has happened. Potentially, this means we can learn from our mistakes or from those who have come before and unfortunately implies that clarity comes after the fact. Too often we see history repeating itself. The infamous sayings… ‘should have’…’would have’…’could have’ often play out when a less than favorable results occur. A bad case of Groundhog Day, all over again.
It happens in business. It happens in life.
Every time a great idea does not come to fruition, an emerging brand falters, a product fails – something was missed and only discovered in hindsight.
Let’s turn this around and decide it’s time for making Foresight 20/20.
Many noted leaders have shared insight on the value of foresight:
- Benjamin Franklin: “By failing to prepare, you are preparing to fail.”
- David Bowie: “Tomorrow belongs to those who can hear it coming.”
- Robert Kennedy: “We know that freedom has many dimensions. It is the right of the man who tills the land to own the land; the right of the workers to join together to seek better conditions of labor; the right of businessmen to use ingenuity and foresight to produce and distribute without arbitrary interference in a truly competitive economy.”
- John Mott: “Foresight has been a distinguishing characteristic of all truly great political, religious, and social betterment leaders.”
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So, what is this magical ingredient that can bring dreams to fruition and avoid the pitfalls so often only seen in hindsight? Is foresight the power to see or realize beforehand what is likely to happen? Is foresight careful strategizing for the future? Is it prudence or a looking ahead? Is it gut instinct? Is it all of these concepts?
Foresight is critical in mountain climbing to project the next anchor and navigate rapidly changing terrain and conditions. Foresight is valuable in sailing to predict the swing of the boom during sporadic winds. Foresight is definitely needed to survive driving in Los Angeles, NYC or Chicago!
What is foresight and how can it optimize your success? More importantly, how do you tactically develop and implement foresight?
- The nexus of past and future: The ability to analyze historic trends, market behavior, consumer behavior and translate these findings into future opportunities;
- The capacity to listen, observe, and understand multi-faceted dimensions related to your endeavor and enterprise;
- Create a clear definition of your company’s goals – long and short-term based on this analysis and predictions;
- Cultivate a deep, honest, intimate research and understanding of one’s target audience(s)’ likes, desires and motivations about your company, product and/or concepts;
- Study the terrain – the trends, the competition, the material availability, risks, variables and sourcing;
- Conduct objective viability assessment and cost-benefit analysis;
- Develop a dedicated team, keep them enthused and motivated, validate and reward their successes and educate them on their failures;
- Understand how to differentiate actionable, real advice and irrelevant distraction and/or naysayers. Stay away from those who belittle your ambitions and minimize your strengths. Do not waste time trying to inspire them as they are not capable of betterment;
- Be willing to reassess regularly and quickly drop actions and ideas that are extraneous to the goals;
- Lead with integrity. Lead with responsibility. Lead with perseverance. Lead with forgiveness;
- Have fun;
- Celebrate the successes along the way;
- Adapt & course correct;
- Stay vigilant and constantly aware of changes in the market, your target audiences, partners, suppliers, ecosystem, industry and beyond.
In two months, we will roll into the next decade and for 12 months will live 2020. Let’s make it a momentous year, accomplish those dreams that may have been gathering dust, celebrate your successes with all who contributed, build the foundation for the future we perceive is possible, and be the leaders I know you are.
All of us here at Christie & Co are here to help turn hindsight to foresight and make 2020 extraordinary.
Gillian