Importance of Critical Assumptions in Strategic and Business Plans

Critical assumptions are one of the more misunderstood business concepts. If you are among the many, stay tuned. You’ll be confused no longer.

 

What Are Critical Assumptions?

There are many valid definitions but the essence of critical assumptions was captured by legendary economist, John Maynard Keynes. “It is better to be roughly right than precisely wrong.”

Critical assumptions are characteristics that must be true to create a plan for success. Your identification of critical assumptions defines the survivability and/or future success of your business.

Why Are Critical Assumptions Important?

Making accurate critical assumptions often makes the difference between success and failure of businesses. This is the reason for the word “critical.” The more accurate your assumptions, the lower your risk of failure–and the higher your odds of success.

Why Are They Vital to Strategic and Business Plan Success?

Your critical assumptions are the foundations of your business and strategic plans. Building your strategies directly depends on this foundation. New businesses depend on critical assumption accuracy to maximize the organization’s success factors.

Making accurate critical assumptions can be challenging. More difficulty comes with your strong belief in your company. The Carleton Group can help you with their experience and objectivity.

Contacting The Carleton Group can ensure you make accurate critical assumptions when creating winning strategic plans.They’ll help you identify the facts influencing your market and the ways your company can exploit competition vulnerabilities or weaknesses. This is a lucrative investment in you and your business.