Livia Jenvey | Dec 14, 2020
In closing out the year by reflecting on what had transpired this past year for planning out the next, I have to say 2020 has shifted how we all do business.
The Covid 19 pandemic caused our lives to be transformed this year. Nationwide and international lockdowns forced our regular day-to-day business to be disrupted overnight. Those who could were forced to work from home, while others who didn't have this option available had work disappear.
I've seen some businesses forced to close down completely. Others to shift completely how work is done. To others, go into hyper-growth due to insane demand for their products—all of this leaving most business owners looking for strategies to determine what to do next.
To lead an organization ahead in trying to plan out your business goals for the new year may seem like a roll of the dice with the still much uncertainty ahead, you have no control over. However, as the leader of your organization, you still can control how your business moves forward in the new year.
One way to do this is to consider adding to your 2021 planning some of the lessons learned from organizations who were able to excel in 2020.
Below are five lessons learned to consider for your organization today:
1. Embrace innovation
Innovating how your business performs was the winner this year. With working remove being the only option at times, remote technology was vital for continuing business as usual. Organizations that already had this in place were able to keep running without a pause.
To embrace innovation, ask yourself: Is there new innovation to consider in investing to help your organization operate this new year?
2. Improve Your Four Capitals
Companies who continued to improve their Human, Social, Structure, Customer Capitals were also winners this 2020. Organizations that implement open dialogue with their vendors, customers, and staff using emotional intelligence to manage the four capitals. Saw how to handle the challenges faced during 2020 effectively.
For improving your four capitals, ask: What can my organization do to improve our four capitals to provide a greater advantage in the new year?
3. Enhance Your Business Processes
Businesses that could enhance their business processes to accommodate the new demands resulting from the pandemic were also winners in 2020. Business leaders who improved the processes and procedures by adding new innovation and improvements to their four capitals saw significant financial gains in 2020.
For enhancing your business processes, review where you, as a business leader, can adjust your processes and procedures to create better performance in how you operate.
4. Remove Operational Risks
Organizations who quickly and swiftly removed operational risks that would disrupt their business, as usual, were also advantageous in 2020. Leaders who were pro-active in mitigating risks before they arrived or who swiftly removed risks when they did gained a competitive advantage in how they operated to meet the 'new normal' demands.
For removing operation risk, assess where there could be gaps in how your business operates day-to-day that could be a significant risk for your business.
5. Develop Contingency Plans
Lastly, businesses that excelled well in 2020 had contingency plans and were readily available to execute when needed. These plans focused on handling disruptions to supply chain management, workforce execution, process/procedure implementation, and operational performance—all providing the businesses the ability to adapt quickly and excel in 2020.
To develop contingency plans for your organization, begin to assess what plans you need to put in place to handle any disruptions to your business-as-usual.
As you close our 2020, use these lessons learned to help you prepare for 2021. Using these will help equip you as a business owner with a strategy plan for getting better results in operating successfully in the new year.
To learn more about Jenvey Consulting, and how we can help you get better results in operating your business this new year, schedule a strategy call with one of our team members today.
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