Practical strategies for continued success in 2022
Anyone who has been driving for hours down a dark, country road with no street lights, lights on high beam, watching intently for animals straying into your path or an unexpected corner understands that it is a fatigue inducing and stressful experience.
Navigating COVID-impacted markets over the last two years feels like a similar experience for business owners. You dare not take your eyes off the road for a moment while staying agile and adapting quickly to whatever comes around the corner.
2022- Time to reflect
Now that we have entered the new ‘normal’, you can see a glimmer of light as you turn your attention to the future. So now is an ideal time to reflect on:
- What you’ve learnt about yourself, your business and your team during the pandemic. What has worked? What hasn’t?
- Your business vision for the years ahead. Should you stay on the same path or pivot aspects of what you do?
- The strategies you need to focus on for the next 12 months.
- Whether you are ‘change ready’ for the year ahead
Did you Survive, Pivot or Thrive?
Our partner, Mindshop during the early stages of the COVID-19 pandemic, predicted three crisis phases from a business perspective: 1. Survive. 2. Pivot / Adapt. 3. Thrive.
They predicted some insights that have proven quite accurate during the pandemic.
- A third of businesses would have their best year on record.
- A third would have a dip in revenue of 10-20%; and
- A third would experience a severe impact on revenue and might not continue operating.
The challenge now is to watch for self-doubt, burnout, and a lack of confidence for those negatively impacted. Conversely, for those reveling in solid sales, profit and cash levels, the challenge is to watch for over-confidence and complacency.
Paradoxically, while many have acutely felt the stress of the last two years, this stress has driven many to become stronger and more resilient. Ready to tackle whatever is thrown at them in 2022 and beyond.
Where should I focus my time and energy?
Whilst tired at the end of 2021, a number of business owners have come back in 2022 stronger than pre-COVID. But are now asking the critical question; Where do I need to focus my time and energy in the next 12 months?
Moving into 2022, we believe that four key areas will drive change and light the way forward.
1. People. Work from home settings, new technologies, juggling life challenges, rapid change, poor life balance, stress and poor performers have all combined to create the perfect ‘people’ storm during COVID. Some businesses have struggled with poor performers or the stagnation of good operators during these challenging times. A tight labour market has compounded the issue, making it difficult to find other staff and forcing businesses to ‘make do’ with what they have
2. Growth. Where will your growth opportunities come from over the next year? Have the demands of your target market changed? Do you need to pivot your existing products and services? Do you need to expand into new markets? Do you need to sell through different channels? All important questions if you want to grow over the next 12 months. For those ready to evolve and grab hold of opportunities, there continues to be a strong market
3. Effectiveness. Are your systems and processes streamlined to help you scale? Do you have any complex processes that can be simplified? Do you know where your inefficiencies are? Do you regularly audit your systems and processes? Does your business leverage the right tools and technology? It’s hard to put more business through an incapable system, but during COVID, many tried and quickly encountered weaknesses that now need addressing.
4. Implementation. How well do you execute and implement your business strategies? How well has your business adapted to change? Do you have a clear vision and strategy for your business moving forward? Do you have clear Key Performance Indicators (KPI’s) to help your leaders take accountability? Successful implementation is critical to the success of a business. While such a pivotal aspect of the company is often the most challenging, statistically, 30% of change projects fail due to a lack of change readiness.
Over the coming 12 months, successful implementation strategies will be crucial to business success as you emerge from COVID.
While the road ahead is still not 100% clear, focusing on these four key areas will help light the way. Through improved people, capacity, growth and implementation strategies, business leaders and managers will be geared to navigate the next 12 months successfully.
Where to next?
To help you navigate the unknown of 2022, we have prepared a whitepaper in collaboration with with our partner Mindshop. In addition to this document, we will be running a series of webinars to help bring light to the priorities and road forward, using real-life examples and tools to help business owners prioritise strategies to get back on the road of recovery.
How can Morrows help?
We recognise that not all the strategies suggested above will apply to every business. Our advisors at Morrows can help you select those most suited to your circumstances and aim to help you implement just two or three actions to start.DOWNLOAD WHITEPAPER