Advice for resetting strategic priorities
From a recent poll on LinkedIn, 50% of people responded that resetting strategic priorities was a key focus area for 2021. It makes sense, 2020 was a very different year to what people had planned. Companies pivoted, reacted, and made decisions that were focused on survival. Survival mode was the ultimate focus; do we have enough cash in the bank? Can we manage through this period of uncertainty and upheaval and survive to see the new world?
Everyone is excited to see the back of 2020 and focus on the new 2021. We are not back to normal and never will be, but it’s a chance for a clean slate, a chance to reset and a chance for companies to transition from survival to revival. Resetting your strategic priorities is paramount and will ensure that you set your business up for success. Your employees are looking for leadership, vision, and a roadmap for the future. We have provided 5 key tips to resetting your strategic priorities.
5 Key Tips to Reset your Strategic Priorities
#1
Understand your customer and consumer behaviours
How has COVID changed the behaviour of your customer and consumers? The purpose of your business is to deliver a product or service to a customer/consumer. Understanding trends of their behaviours, expectations, wants and needs is critical. We’ve published a range of articles on the impact of Covid, from reports to industry trends and tips on how to adapt and embrace agility - to get your hands on them, simple search our Thought Leadership articles for ‘Covid’ or click here to explore.
#2
Develop a roadmap focused on targeting the customer and consumer expectations
A new product/offering
A new go-to-market model
A new pricing model
A new service model
A new operating model
Move quickly to get the best place in the market. What do your customers and consumers expect, want, and need and how are you going to pivot your model to give this to them? If you are not sure, do some tests and trials to understand the reaction to some options and what gains the most traction. Explore more here.
#3
Find money to invest
This is the time to invest. If resetting your priorities is critical to ensure your business is successful, then you need to stop other things and find the money to invest for your desired future state.
Cash has been tight for businesses so you need to reassess your priorities and review all expenditure. Just because you have always spent money on something doesn’t mean it’s a good investment. It’s time to look at all expenditure and assess what is required to run the business and what can be repurposed to invest in the future. The businesses that make this change/pivot will be the most successful. Find out more by watching our ZBB Video on YouTube or reading the Whiteark Zero Based Budgeting Guide here.
#4
Invest in your people
There are two main considerations:
Do you need additional capability in your business with your change in approach/strategy?
How do you retain your top talent with development opportunities within the business? Know your talent and maximise the value that the business gets from the talent.
There is a war on talent and it’s a good time to secure exceptional talent for your business. You need to understand your capability gaps and focus on getting the right people in the business to be the subject matter experts. It’s imperative that you focus on recruiting the right talent that you will need for the future, not just what you need today.
Companies spend money on recruitment but don’t invest enough money on development opportunities for their people. This doesn’t mean formal training but internal development opportunities to work in different areas, work on projects and gain new experiences. It’s time to invest in your top talent to ensure you get the best out of them. Want to explore more? Read our article on The war on talent.
#5
Measure the metrics that matter
It’s true that what gets measured gets done. Take time to understand the metrics that are aligned with the company’s strategic priorities – lead indicators are critical to ensure that the company is on track. One scorecard that measures the top 10 metrics that are aligned to the strategic priorities is critical to monitoring your success. You also need to have clear ownership, roles and responsibilities for each metric. Want to explore more? Read our article on What gets measured gets done.
Resetting your Strategic priorities is critical to set your business up for success in 2021.
Take time to reflect on what is working and what needs to change. The 5 key focus areas above is a good structure to consider when updating your strategic priorities.
Looking to reset your own strategic priorities? Let us help.
Whiteark is not your average consulting firm, we have first-hand experience in delivering transformation programs for private equity and other organisations with a focus on people just as much as financial outcomes. We understand that execution is the hardest part, and so we roll our sleeves up and work with you to ensure we can deliver the required outcomes for the business. Our co-founders have a combined experience of over 50 years’ working as Executives in organisations delivering outcomes for shareholders. Reach out for a no obligation conversation on how we can help you. Contact us on whiteark@whiteark.com.au
