Chief Investment Officer, CBL Properties
CS How would you describe your planning process?
KR One of life’s certainties is that things will never go according to plan. Despite this inevitability, long-term strategic planning remains a critical control for any successful business. While it is important to also maintain flexibility, it’s imperative to keep broader goals in focus so decisions are not reactionary or short-sighted.
CS When and how do you develop your longer-term plans? How far out do you plan?
KR We start the year reflecting on the previous year’s successes, failures, and lessons learned and discuss opportunities and challenges that we see ahead. Our strategic business plans focus on our aspirational vision for the future state of the organization and then break down to smaller, achievable guideposts for the near-term.
CS What types of information or experts do you consult?
KR We’ve used discussion facilitators, strategic consultants, and speakers from other industries to help inspire free thinking and foster new ideas.
CS When do you review progress against your operating plan and longer-term plans?
KR Our broader strategic goals are always in mind and we use our short-term goals as benchmarks to measure progress or determine if changes are needed along the way.
CS How and when do you adjust plans to meet changing market conditions? How is this done and how is it communicated to others in your organization?
KR Business can evolve quickly. While an ideal world would provide the time and resources to research and thoroughly plan out every contingency, the reality is that it is important to be flexible and realize you can’t plan for everything. We have multiple formal communication methods such as staff meetings, town halls, and emails as well as less formal channels including our internal social media platform.