3 things your strategy is (probably) missing for 2021
Strategy, even with a major disruptor that throws everything you thought you knew to the wall, is paramount. Especially so for 2021.
2020 we had to remain agile enough to withstand the strong winds of change. 2021 we must set a clear agenda for success for the years to come. We are in control of our reaction to external events, other people, and lucky breaks. This has always been true.
A good strategy with a well-researched foundation would have shown your strengths and areas for improvement. It would have helped you adjust your priorities and given you a road map to pivot during 2020.
However, these are the very three things – probing, priorities and pivots – that are probably missing from your current strategy. Let’s explore.
The research and analysis work done to get to a strategic document are the roots of a tree. Without strong roots, in poor weather a tree will fall. How many businesses did you see unable to withstand the strong winds of change?
Many strategic plans fail because they are not researched or not researched thoroughly. All elements of the business, from products to people to pricing, must be probed. There is going to be a lot of new data from 2020 that needs to undergo scrutiny. Communication, staffing, and sales are three aspects that are top of mind.
How well is your current strategy researched? Thoroughly enough? We're talking beyond the SWOT chart and into the nitty-gritty of statistical correlations. How is new data helping you understand your business more?
Your market is still there but their priorities and needs have changed.
Good strategy is not a document primarily about big ideas. It’s a workhorse. It defines your end goal in your vision statement, business behaviours in your values, your organisational structure, the actions you need to take to reach your end goal and who is accountable to perform those actions.
It lays out your priorities clearly. It helps you track the right elements. You can’t do this unless you have also prioritised Probing.
Do you view your customers’ priorities from their point of view? How has that adjusted your priorities? For example, is digital gone from something other people do to must-have?
Uncertainty is set to continue for the foreseeable future.
Good strategy allows us to come up with something new or remodeled that fits with the priorities of our markets today. People who have changed careers because their old industry has faded or applied for jobs in new sectors know all about pivoting. We take our skills and attributes and reoriented them.
For example, small distilleries have an attribute of alcohol. Some quickly pivoted to make and sell hand sanitizer. Some restaurants optimise take away. Those who could, pivoted their teaching and instruction online, like fitness instructors.
What skills and attributes do you and your business have that may meet your customers’ needs in new ways?
Good strategy allows us to pivot and reprioritise because we know our customers and we know our business. We know which products and services have dropped from the number one spot and how to pivot to put something else in its place.
Ready to action a strategy with a well-researched foundation, set your priorities, and pivot to success in 2021? We can help get your started, get you re-started, or review your existing plans. Call or email Shayne Leslie on 0412 241 773 or email@example.com.