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Evaluate Your Business Strategy and Make Adjustments Accordingly

The main point we want to cover today is a business strategy. For the employees out there reading this, pick out the important things you will need as it relates to moving forward in a fast-changing economic world. The following is information that we currently have with the research we have conducted over the past two weeks, in the midst of the current economy.

Added Value for your Clients and Employees

Whether you are currently offering a product or service, you need to find where to add even more value for your clients and employees. People need to feel supported and while everyone has even more time to be at home and reflect on their business needs, you need to be there providing value. Get ahead of the curve at this time and be ready to go when the ban is lifted and life goes back to normal, whatever that may be! We are witnessing business requirements change at a rapid pace, so how you add value will depend on your market. Maybe things go on as normal but be very careful about what you consider normal!

Business Strategy Consulting Firm | Evaluate Your Business Strategy

Business Consistency

Taking risks right now in your business may not be the best thing to do? Yes, there are some instances where risk is warranted, but study the risk(s) first and make a decision. Whichever it is, whether you stay the same because you can, or you need to take a risk and change, consistency is key. Your clients will want to know that the product or service you provide is remaining the same, so how do you create consistency? Through culture. The culture of your organization needs to be strong with little to no hesitation in how the team performs. Take this time to communicate with your team and get people aligned to deliver. If your clients are used to seeing you face to face, how has that changed now? How is your connection for video conferencing? How is there a connection for the same? Create consistency so your clients are not being tripped up trying to get business completed.

Individual Skill Sets

Now is the perfect time to evaluate your team. How strong are they in the skills sets that you require from them? With them working from home are they still delivering the tasks you need to be completed in a timely fashion? Based on what you have witnessed over the past couple of weeks of people working from home or at a distance, would you still happily hire them again for the same position? I know this may sound harsh for some reading this, but it is for reflection purposes and for your future planning on how you move forward.

Emerging Strategy

You have a strategy that was created at some point in your business life cycle. We hope that it was created recently and now people are reviewing it, to see if it still applies. Strategies are not meant to be long term. Yes, they can have highlights in them like your core values, vision, mission and so on that can last a long time, but the tactical items of a strategy can change when you see the need. An emerging strategy should be starting to take shape over the next few weeks that can be implemented into your business to look after your clients.

Communication

One of the biggest things that have changed in recent weeks is communication. Meetings are probably becoming shorter to reduce being around others and if that is not happening, video conferencing is occurring to keep up to date on what others are doing, clients or employees. Chances are, you are finding efficiencies in communicating right now and are having more time to do other things than sitting around in meetings. Communication has or should be becoming direct and short. Find how to be more effective and time-sensitive towards communicating.

Operational Plans

How you are operating? Depending on how you look at things, it is either the most important change to communication, or equal to, and how your business is operating. So how have your operations changed in recent weeks? Some key items to review and keep in mind;

  • Volume – how has this changed with client requests and how are you shifting operations
  • Visibility – with most people staying at home, how are you keeping visibility to your clients
  • Quality – has this been impacted because of keeping distance from others? How are you changing the company’s needs to match a situation?
  • Speed – is this impacting your bottom line as a business and how are you adapting?
  • Dependability – how dependable are you now? What can be done to increase dependability?
  • Cost – are you increasing/reducing costs because of efficiency and how does that impact your price?
  • System/Processes – are these changing and what plans are you putting in place?
  • Risk Management – have the risks changed and are you mitigating these?

What is Your Big Goal?

Your business at some point would have developed a big goal of where you want to go. Along with the larger goal, you would then need to create daily or at least weekly goals that are getting you to the larger goal. Your team should be meeting very soon to review if these recent times have shifted the trajectory of your business. How have the needs and wants of the business changed? Is there a need for a brand-new large goal and company to shift to another service level? No matter how things have changed for you, you need to take a look at your goals again and make sure all levels of planning align with this.

Core Values

Your core values define who you are and others in your business aspire to be for your company. Your core values define culture, provide alignment, influence behaviour, support vision, and educate your clients to name several. A very important time right now is to make sure your values align with what you are going through as a company. Have they changed? And if so, how much and does this now align with your current employees and business structure. You may find cracks in the culture of your organization with the way things used to be and how they are now and will be in the future. Take this time to review your values.

These are just some important aspects of your business strategy and how they will impact your present and future. They will create a connection amongst the owners and employees and how they can all adapt to the present and future.

Find the balance needed to succeed in uncertain times. Reach out to us at Future to Now Consulting to discuss more.