The New Year is upon us. As we let out a collective breath and close the door on 2020, it is important for business leaders to consider a strong strategy for the new chapter ahead. While there is still uncertainty surrounding the economy, labor market, and country overall, the best step forward is to control whatever measures we can – and to do that well.
What we have learned from the past year more than anything is that the toughest businesses are agile and can quickly adapt to change. As a result, we are seeing business models evolving and objectives shifting.
For accounting, finance and technology verticals, specifically—and really any profession for that matter—I believe the learnings of this past year can be used as an opportunity to build something great. As long as you position yourself, your function and your organization for success through a series of strategic steps, positive things are bound to happen.
I recently came across an article that discusses how to build a strategy during the (hopefully) tail-end of the global pandemic. I thought I’d share some of the discussion as well as offer my own insight in the 4 Tips for Building a Strong Strategy in 2021 below.
- Look further ahead.
While it might seem instinctual to focus on this year alone, I really encourage leaders to look out further into the future. It’s important to ascertain what can be done this year, but it is equally important to consider how that ties into the following year and even the year after that. One decision can impact the next, so you do not want to limit your success or derail your productivity with too short of goals. Having a three-year strategy is really key.
- Change your business model.
From essential businesses to big box companies to privately-owned institutions, and everything in between, we have all seen the shift in customer needs. That’s why wherever there is an opportunity to evolve and grow with your customer base, you should. That could include offering new solutions, expanding into new markets or trying to reach different audiences. If you have been contemplating changes in your model, contrary to what you might think, now is probably a good time to do so.
- Have a Plan-B.
Even with the best intentions and strategy in mind, you cannot always account for everything. And like I said, if 2020 taught us anything, it’s how to gracefully pivot. If you do attempt some changes in the New Year and they don’t go as planned. Or, if there are other factors that occur outside of our control, it is best to have a back-up plan of some sort. You can never be overprepared. So be sure you cover all your bases and look at every element of your business. Anticipate any cracks in your system, consider various outcomes and rely on your data and observations so that you can adjust course at any given time.
- Improve along the way.
There is no perfect business nor perfect leader. If you can identify areas to improve systems and processes to be more efficient. Or, if you can develop your own skill set to better lead your function and company, you should do so. Take in all of the challenges of the past year and apply what you have learned in the most productive way possible, so that you can mitigate obstacles in the future and continue to build business.
What are some other ideas for a strong strategy in the New Year? Share your thoughts in the comment section.
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