During this recent 10-year bull market, many industries were so busy keeping up with growing demand, they lacked the bandwidth to think beyond the present. And even if they did have longer term plans in place, it’s unlikely anyone anticipated the economic effects of the global COVID-19 pandemic? So, now most companies find themselves in unchartered territory looking for ways to jump start business and navigate a new landscape at a time of great uncertainty.
The sage advice of economist Connor Lokar (from ITR Economics) is as relevant now as ever: “There is an opportunity… (during economic slowdowns to)…reset” your future. In other words, this is a seminal moment for thinking ahead. To address known constraints and challenges while simultaneously creating new opportunities that can catapult your company through 2020 and beyond.
The revitalization process starts by taking a critical look at your company’s current goals and performance (i.e., evaluate in terms of intrinsic strengths; existing vulnerabilities; new opportunities, and potential risk factors).
To help get you started, here are 5 fundamental, thought-provoking questions:
- Which aspects of your business are inherently/competitively advantaged (e.g., things we do better than all others?)?
- What are your key success factors and can these enablers be scaled?
- Where are your known roadblocks and what are primary causes (e.g., processes/systems where employees frequently get ‘stuck’? Common source of customer complaints? Areas of known inefficiency)?
- What is required to push your company to the next level of performance (i.e., achieve better outcomes)?
- Where can technology add strategic value and enduring impact?
So, I invite you to take the time now to think about and design the future of your business. Solutions and opportunities are often “hidden in plain sight.”
After designing the future of your business, reach out to A+W at marketing.us@a-w.com to arrange a time to talk. We're here to help you design the future your business.
FOR FURTHER READING:
Opportunities in 2020 and Beyond
