Post-Pandemic Strategic Thinking
I was reflecting on the challenges that CEO/Owners experienced in 2020 balancing both the pandemic crisis and the day-to-day running of the business. With all that turbulence, it was probably difficult to pull away from the challenges of the day-to-day. Now that the country is opening for business, it’s a good time to assess if your long-term strategy is still valid. Here are a few questions to consider as you transition to an “open for business” market.
- Industry: What changes has your industry experienced? How have competitors and customers adjusted their business models during the pandemic? How will those changes affect the strategic choices you will make today and tomorrow?
- Revenue – Have you experienced significant revenue declines in 2020, and if so, is it time to transform the products or service you offer? Do you have the courage to take bold action to achieve and exceed the long-term revenue growth you want?
- Margin: What impact did the pandemic have on margin, and what impact will that have on business value? Is this the right time to revisit your business model in light of margin pressures?
- Employee – How will you address the challenge of finding and retaining the skills and capabilities you will need to be successful execute your strategy? Right now, there is a shortage of skilled workers. As of April, there are 8 million unfilled job. What do you need to do to ensure you have the right people in right place, with the right skills and experience required to achieve your strategic objectives?
Strategy is not static or rigid – it is dynamic! Given the turmoil caused by the pandemic, it is the CEOs responsibility to adopt new strategies based on current and future market realities. Are you committing time to review and rethink your strategy? Let us know what your experiences have been over the past year. Feel free to share this article with friends and associates as you see fit.
“Success is not final; failure is not fatal: it is the courage to continue that counts.” – Winston Churchill