During this recent 10-year bull market, many industries were so busy keeping up with growing demand, they lacked the bandwidth to think beyond the present. And, even if they did have longer term plans in place, it’s unlikely anyone anticipated the economic effects of the global COVID-19 pandemic. Now, most companies find themselves in unchartered territory looking for ways to jumpstart business and navigate a new landscape at a time of great uncertainty.
The sage advice of ITR Economics’ economist Connor Lokar is as relevant now as ever: “There is an opportunity… [during economic slowdowns to] …reset” your future. This is a seminal moment to think ahead; to address known constraints and challenges while simultaneously creating new opportunities that can catapult your company through 2020 and beyond.
The revitalization process starts by taking a critical look at your company’s current goals and performance. Begin to evaluate in terms of intrinsic strengths, existing vulnerabilities, new opportunities and potential risk factors.
To help get you started, here are 5 fundamental, thought-provoking questions.
- Which aspects of your business are inherently/competitively advantaged? What do you do better than all others?
- What are your key success factors and can these enablers be scaled?
- Where are your known roadblocks and what are primary causes—the processes/systems where employees frequently get ‘stuck’? What are common sources of customer complaints? Areas of known inefficiency?
- What is required to push your company to the next level of performance/to achieve better outcomes?
- Where can technology add strategic value and enduring impact?
I invite you to take the time now to think about and design the future of your business. Solutions and opportunities are often “hidden in plain sight.”