In the United States and around the world, COVID-19 had an immense influence on businesses – shifting supply chains, product availability, costs, customer behavior, and more. And while leaders are mindful that the crisis was a situation far outside of normal risk expectations, smart business professionals are also recognizing that it will potentially have a huge long-term impact on the wellbeing of their organizations. Now, as the pandemic comes under control, it’s a great time to take a second look at what you’re doing to see whether your overall strategy needs tweaking.
4 Important Strategy Considerations
1. Don’t Throw Out Everything You Have
It may well be that COVID-19 influenced some parts of your business but not others. In that case, you don’t have to start completely from scratch. Just look at your company and pinpoint where you’re doing well and where things aren’t working anymore. Leave what still makes sense alone and see the market opportunities in the areas you need to improve. If there’s anything you can leverage within your business to take advantage of those opportunities and expand, then do it.
2. Clarify Your Long-Term Mission
If you’re a smaller organization, then you may have a working infrastructure, network, or partnership arrangement without necessarily having thought about what you want to accomplish for the long term.
But, if you want your business to endure and leave a legacy, then you can’t maintain that way of operating. Clarify what you want to achieve and be known for years or even decades down the road; use what you already have to ensure you achieve this. Keep in mind that some industries, like hospitality, are going through major changes. Be mindful of that when you try to decide where to invest for the long haul, and focus on the big picture rather than just immediate trends or your day-to-day business. Having a long-term mission and goals is essential, as all future decisions must be judged against them. Whatever you do, will you get closer to achieving your goal(s), and is it aligned with your long-term mission?
3. Be Willing to Start Fresh
Let’s say you’re acquiring a new business or getting into a new area that doesn’t have a lot of existing structure or organization to it. In this case, embracing more of a greenfield approach can actually benefit you. Think about defining the organization on your own terms, creating something unique, and deliberately taking a path others haven’t walked yet. You still have to think about the long-term, but you don’t have to leave things the way they are. Don’t be afraid to build a new framework that answers your questions to create a concrete business model.
4. Look at All Your Options From a Bird’s Eye View
As the saying goes, all roads lead to Rome. When you clarify what you want for the long term, you may find that there is more than one path to achieve it. Be open to all of your choices and do a realistic analysis of each. What resources do you honestly have? What is the expense going to be? Don’t kid yourself about the pros and cons. If you’re objective and truthful about what each path is going to require, and if you really spell out the steps you’d have to go through, you’ll get a clearer picture of which paths or strategies are most efficient and make the most sense for your goals. Pick just one or two options that are viable and then execute.
As you go through this broad analysis, keep risk management at the forefront. Remember that value often isn’t just a numbers game, meaning it’s not only about who can give you the lowest price. It’s about the overall package – quality, reliability, performance, and so on. Pick options that, even if not absolutely perfect, will ultimately protect the entire business and give you the stability that you want and need.
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To Set Your Business Up for Success, Capitalize on the Chance To Take a Second Look
COVID-19 was a challenge unlike anything modern businesses have faced. The emotions people felt through the pandemic will likely linger and influence behavior for quite a while. But, as Albert Einstein is often credited with saying, “in the midst of every crisis, lies great opportunity,” and it appears that this is the right time to make changes and to progress. Much in the corporate world will probably never be the same, which offers a wonderful opportunity for you to re-evaluate and update your strategy. Seize this chance so that you can look forward with your business and set the company up to thrive well into the future.