You have survived a most unprecedented year. History will write that 2020 was a very challenging year for livelihoods, both personally and business wise. With Christmas coming up, it is apt to reflect and congratulate ourselves on getting through this significant event.
Moving into 2021, it is important we take the learnings and move from resilience to growth. Below are some of the opportunities JNW believes should be a focus:
JNW Strategic Consulting’s Opportunity Tips for 2021
1. Reset your Strategic Purpose
Having likely been forced to creatively reinvent and pivot to new business models, it is time to revisit your strategic vision. Clarity of objectives, being customer focused, setting structure through team goals and developing a deep-dive cashflow forecast, will drive transition from crisis management to sustainable growth.
2. Turn Risk into Opportunity
To manage the risks of the pandemic, survival required adaptation and agility, bringing about the creation of flexible systems and processes. Working From Home (WFH) and ISO restrictions compelled the use of new technology and digital channels. Businesses now need to determine how to further leverage these digital capabilities, to transform and automate processes.
But be mindful of changes to your risk profile and oversight controls.
3. Be Alert to Black Swan Events
Risk identification will remain key whilst the vaccine for COVID is rolled out. Business Continuity Plans should be updated with learnings – the successful strategies documented and any vulnerabilities identified and scenario plans strengthened. Continue to improve your response plans to ensure you can react and recover with impact to the next disruption event.
4. Reinforce Your Supply Chain Governance
COVID created enormous delivery challenges to meet customer timelines. Supplier goodwill was highly valued. It identified pinch points in supply chains and the risks of reliance on third parties. For good governance, the effectiveness and efficiency of demand forecasting, supplier relationships, procurement and inventory management, should be reviewed to ensure those processes create value whilst protecting quality and reliability.
5. Reinvigorate a Strong Performance Culture
Exhausted leaders and teams with pandemic fatigue need energising. Given the impact of WFH, now is the perfect environment for Boards and Executive to impact an organisations culture. A clear, passionate and empathetic tone at the top, supported by transparent values and governance, will help set expectations on innovation, risk appetite and long-term performance.
Opportunities in the new normal start by refreshing your strategic vision. Develop goals around innovation, magnify your customer service delivery models and continue to prepare for ongoing disruptions and emerging risks. Reset the leadership dial to energising the transition out of resilience into growth optimism, reimagining the future workplace for your team.
From the JNW team, we wish you a Merry Christmas, health and happiness for 2021. We are very positive about next year and all of the opportunities it may bring. Hopefully, you will unwrap some great presents!
– and don’t forget to check out our new website.