As a business leader do you find yourself tending to mainly focus on all of the threats to your business – If yes, then, you’re not alone.
Leaders across the globe are feeling the pressure – it’s hard to find any certainty – so it’s not surprising that people are less inclined to think about forward planning.
What are they doing instead?
I had a very interesting discussion with a number of business leaders this week and here’s what’s happening…
Some are hoping for a miracle!
Others are relying on opportunism and generally keeping their options open.
A few simply think that planning is impossible because the future is just too unpredictable.
But most are clear that planning continues to be vital for their survival and growth.
So here’s what I think…
Yes it’s true, planning in the current context isn’t easy, but when I talk to the people who are planning for the future, I also see the positive results it’s bringing.
Of course, timetables have to be revised, strategies adjusted, products and services reimagined. But I’ve been heartened by those leaders who, despite the tough going, have not given up or given in.
The other thing that I’ve noticed is that these leaders tend to focus on these 5 key areas:
Position – Clarity about market position helps to make sense of business opportunities and alternatives. Few businesses succeed without a clear sense of where they are now and where they’re headed.
Leadership – Strong leadership is a big deal for every business – from a sole trader to a multi-billion dollar corporation – because, without it the business is simply on a treadmill and in tough times a “run faster” approach doesn’t equal forward movement.
Growth – The impact of the pandemic and recession hasn’t reduced the importance of focusing on growth, it’s only changed the amount and pace. And while it hasn’t and will not be any easier, there are opportunities around. Otherwise, what’s the alternative?
Operations – Many businesses have toned up, cut overheads and improved cash flow to bolster productivity and profitability. It’s meant tough and often painful decisions, but yet they have been able to balance pragmatism with compassion for people which means avoiding redundancies and making best use of individuals’ skills and talents.
Transformation – The current climate has forced many to rethink their products or services at least in the short term. For most businesses the primary challenge is realising that they have within them the imagination and creativity to come up with brilliant ideas and the flexibility to change.
By focusing on these 5 areas you can again begin to take some control of the destiny of your business.
My question is…what’s your approach to planning for 2021 and beyond?