Changes in business strategy that have worked and are here to stay.
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As we expand our free Leadership Roundtable series, I wanted to share some of February’s rich exchange on the changes in business strategy that have worked and are here to stay. Even though we had different businesses, there were four common themes summarized below.
- Changing customer needs and supplier issues require continuous strategic planning. One leader worked with five “What If?” budgets. Another leader’s teams meet weekly, even daily, to assess ‘what has changed’, ‘what are our choices’, ‘take action’ and ‘determine if it worked’. These more focused and productive discussions result in faster decisions and action. Yes, we agreed this is stressful and exhausting.
- Multiple business models. Due to completely new customer values, behaviors, and segments, a leader realized they now had two distinct business models: high volume as well as niche. Another added e-commerce to their wholesale model. One shared that it can be difficult for legacy leadership to recognize let alone accept this as fact. Another learned to address uncertainty by repeatedly encouraging his people to be agile, to ‘keep your knees bent’, so that you can shift direction and accelerate quickly.
- Trust and transparency to create Customer Confidence has taken on new meaning. In the past we blamed one another, our suppliers, or our partners when a shipment was delayed. Given 2021 challenges, participants agreed blame is a waste of time and instead we learned that we have to trust one another. One leader invests time to communicate directly with customers much more often. We are bringing the customer into our processes, so they understand what we are facing. This allows us to set their expectations and ultimately better meet expectations.
- Investing in technology has shifted dramatically. It is now based on ensuring that it translates 110% into value for the business and the customer. We are no longer investing for the sake of cutting cost, upgrading or ROI. Now there has to be a huge benefit to running our business direct value to the customer.
Join us for the next Leadership Roundtable on the community page! Check it out, click here. We explore how operating models are shifting and the implications to our organizations.
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Here’s a tip, success is available to anyone willing to do the research and find out the right way to achieve their goals. We’re here to help you on your road to success. Check out our free courses for more.
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We offer tools and resources to help transform your organization and career on your journey to success. It’s time to take change head-on rather than waiting around, scared or uncertain for your organization and future. You cannot live in fear. Your organization needs your help right now and will greatly reward this kind of thinking.
Please add your thoughts to this blog, or better yet just contact us and we can explore this further to ensure that the investments you are ALREADY making drive your strategy.