Purpose and people
It’s time for businesses to reset and develop a strategic business plan for 2022 and beyond
When Covid-19 hit in early 2020, the disruption to businesses was immediate, widespread and significant. For many, after the initial shock and cash related survival considerations, the biggest and most pressing challenge was to use technology that could enable staff to work securely from home.
This was soon followed by the challenge of replicating the real-world interactions – formal and informal, work-related and social – that are fundamental to the successful operation of any organisation.
With the new year fast approaching, it’s time for businesses to reset and develop a strategic business plan for 2022 and beyond. The pandemic and the pressure to change has taught us many lessons about resilience, adaptability and flexibility. However, now that the pandemic panic has subsided, organisations of all kinds are looking more strategically towards a future that will be very different from the one they were seeing two years ago. A proactive strategic plan for 2022 is paramount now to address key areas for organisational growth.
DOING THINGS DIFFERENTLY
In business, CEOs must make bold decisions. Being bold can mean to pick up what works and double down on it. Reframe what winning means and make that bold move early, even if it means that you’ll be the only one, or one of few in the market doing things in a particular way. If you believe it’s the right decision for your business, do it. Fear of making mistakes is what prevents many from going outside of the box. In this dynamic world, it’s better for a CEO to act rather than make no choice at all. Keep trying and be flexible; adaptability is crucial now for both companies and individuals to survive and thrive. Every leader needs to remember that a bolder approach must be applied within the entire organisation. Ensure you paint the vision clearly, lead from the front and develop a strong product /service to present to the market. Organisations that lead with purpose and build their strategy around it can achieve continued growth and loyalty from customers and their workforce. Those organisations that understand their purpose and value recognise that 10 per cent of companies create 90 per cent of the total economic profit and that only one in 12 companies move from being an average performer to a top-quintile performer over a 10-year period. When you know your purpose, you understand where you bring value as a business and move in that direction quickly. Purpose-driven companies experience higher market share gains and are likely to grow three times faster than their competitors, according to research by Deloitte.
PEOPLE MATTER
To attract the right talent, mainly look for people with the same values and aspirations – the rest can be taught.
With the right people on board, the ultimate goals can be reached regardless of process maturity. The right people will actually develop and implement those processes for routine success.
Focus on upskilling or reskilling. Crossfunction or adaptability training will also help organisations adapt to new market scenarios fast while using people across departments if needed.