Happy New Year. JNW is positive about 2021. As Victoria’s economy recovers from the impact of the coronavirus pandemic, now is the time to establish a strategic agenda to navigate out of the complexities of COVID and capitalise on the potential upside growth.
To help, we thought we would share some of our learnings obtained from our clients and as a business mentor for the Victorian Chamber of Commerce and Industry’s Business Recovery and Resilience Mentoring Program. Leading organisations are now focusing of the following key activities to identify opportunities to emerge strongly out of the crisis.
Through simple tools such as strategic planning, risk assessment and financial modelling, you can more effectively take advantage of changed market conditions and growth opportunities.
A. Revisit your Strategic Vision
Having likely been forced to creatively reinvent and pivot to new business models or products and services, your strategic vision may need refreshing. Granularly reconfirm or identify new opportunities on:
- “What” products and services you will continue to deliver;
- “Who” are your targets/markets and what your value proposition is;
- “How” to effectively deliver your products and services, ideally leveraging new found technologies; and
- Set relevant customer focused strategic objectives.
B. Re-assess Strategic Risks
To achieve your customer focused strategic objectives, it is important you re-assess the risks that may prevent their attainment. This is especially important in this time of uncertainty when a third COVID wave is possible. By identifying potential roadblocks/disruptors, you can design mitigation plans to increase your chances of success. This will also enable you to confirm you are still operating within your risk appetite and have the appropriate control framework in place. (For more information click Risk Management)
C. Evolve Cashflow Scenario Planning
Knowing your risks gives you confidence and enables agile decision making. However, it is important to understand the short and long-term financial impacts of changes to your strategic vision. To achieve this, a cashflow model should be developed, at a product/service variable level. This will facilitate financial stress testing, providing insights on best/ideal/worst case scenarios. Seeing what success looks like further empowers your ability to turn risk into opportunity. (For more information click Strategic Planning )
Seize this moment in time.
Reimagine the future.
Equip yourself to be confident in taking a risk and emerge stronger and more customer focused.
If you would like assistance with your post pandemic planning, please do not hesitate to contact Jeff Webb on 0437 539 015 or at firstname.lastname@example.org
– and don’t forget to check out our new website.
As part of JNW’s strategic refresh, we have recently shortened our domain name (jnw.com.au) and email addresses and created a more dynamic website. Our aim is to make accessing our insights easier and more useful. Please take a look. Any feedback would be greatly appreciated.