In nearly all aspects of life, being ready has more or less the same meaning as being well-prepared. When it comes to running a business, however, it refers to several specific points as follows:

• Having a good understanding of the business’ current position. It allows you to gauge how far or close the company is to achieving all objectives outlined in the strategy.
• Recognizing all possible restraints and challenges. Armed with the knowledge of potential difficulties, a company can utilize resources more effectively to address issues.
• Figuring out the company’s elements that are still under-utilized. Performance analysis gathered from such review opens the door to company optimization.
• You are pinpointing business areas yet-to-be-explored. Sometimes the exploration does not come to fruition, but the knowledge gained from the process is always useful in decision-making.
• Are you making sure that all factors related to the operational plan have been thoroughly examined and taken into consideration when crafting the strategy?
• Are you aware of the company’s limitations in terms of resources?

Assuming all those points are covered, a company is “most-likely” deemed ready to execute its business strategy. Those are the bare minimum requirements to devise an effective strategic plan. If there is one thing missing, it is the pressure of external factors, including competitors and market situation – the elements you cannot control. That’s why a contingency plan should also or be prepared.