For many business leaders, the biggest challenge lies ahead: bringing a business back into a world that has changed forever. Many have had to adapt to the New Normal, and, as such, have learned how they can take their business onto greater things, but for those who have struggled over the last couple of years, learning how to come back stronger involves reimagining their entire business model. With this in mind, here are four key strategic areas to focus on so you can bring a new way of thinking to your business.
The Digital Adoption
The pandemic has meant that we all have to change how we interact. And these changes have forced us to migrate to digital technologies. There are a number of ways that technology needs to form part of our new business structure:
Modernizing Technology
Companies have to improve their productivity by reducing IT costs to match the demands. This means defining the right platforms that are essential to the business model. So many organizations look at cloud computing as a fundamental way to support an organization’s practices, but it will need to be sped up. The fact is that technology proves to be an infinite well of resources within a variety of disciplines and industries, from the marketing sector to the healthcare sector, and is fundamental in physical infrastructures such as dam safety inspections, so we need to keep it up to code.
Increasing the Productivity of Digital Solutions
Companies need to develop digital solutions quickly, but they need to adapt the organizations to fit these new models and deliver them to employees and customers on a large scale. To do this effectively, it requires integrating processes, implementing change management, and incorporating decision-making, all driven by the data and metrics.
Refocus the Efforts To Reflect the Changing Customer
The customer journey is so important to the outcome, we need to rethink the journey the customers are going on and bring in creative solutions to match them. Predominantly, this means delivering a seamless experience online but also blending the real world with the digital. This is where many artificial intelligence practices are now proving beneficial.
Making Up for Lost Revenue
As so many companies have experienced issues throughout the pandemic, there are numerous ways that companies can make a big difference in this area. Some of the most effective methods include the following:
Rethinking the “Human Approach”
While technology is pivotal, companies will have to drastically think about how their operating model is working. Catering towards the employees and the human side of the equation is more effective in the long run because it’s not just going to help retain staff, but will also prove beneficial to the long-term effectiveness of the model. Rather than chasing metrics and analytics as a way to enforce deadlines and targets, we have to be more holistic in how we operate.
Embodying the Start-Up Mindset
Companies find themselves chasing the facts and figures. But sometimes we need to embrace action rather than a cautious and quantitative approach. Encouraging an agile mindset is vital within an organization but you can do it in a structured manner. For example, having regular reviews and feedback is going to help you ascertain your position.
Embracing Adaptability
No doubt, you’ve already worked at altering yourself throughout this time but in order to maintain long-term efficacy, it is so important to remember that adaptability should be a constant. The best way to do this is to look at your business as an ecosystem and veer towards non-traditional methods on occasion.
Develop an Agile Operating Model
Agility is a reaction to urgency. But being agile doesn’t mean looking at the short-term; we still need to develop our big-picture thinking practices. But there’s a lot to be said for making fast decision-making, just as long as it’s within the infrastructure of a clear growth plan.
Rethinking How the Organization Works
Many organizations have needed to work in new ways in response to the pandemic, but as we move into the New Normal, we’ve got to make a commitment that we will not backpedal. Many companies think it’s best to go back to the way things were, but this is small-minded and potentially dangerous for the industry. This is why looking at who we are is so important but additionally, we have to decide how we can work better and grow more effectively, which we can do through a number of practices:
How Do We Rethink Who We Are?
The quick way to cut through the noise is about understanding what really matters. In a crisis situation, we understand very quickly what matters because it becomes very clear, so we’ve already done the hard work in this area.
How Do We Look at How We Work?
If you benefited from remote working throughout the pandemic, it’s important to remember that what you have learned cannot be unlearned. What you have done is adapt to make better decisions but your business has also learned to thrive in one of the most uncertain periods in modern history. When we understand what really matters, we can hone in on the components that really do benefit, mainly the right people with the right experience.
How Do We Learn To Grow?
We’ve got to look at three key areas:
- How to incorporate analytics and data into our decision-making.
- Creating a culture that values the human approach to business.
- Creating platforms that support the right level of experimentation.
Rebuilding the Business
Everybody’s operations have changed drastically, either due to an increase or decrease in demand. We’ve all been exposed to massive fragilities within the supply chains. But now as we look at rebuilding our businesses (and our lives), we need to ask ourselves how we can sustain a certain level of performance? Here are some key areas that can be very beneficial:
Resilience Within the Operation
Changing your approach to the supply chain and operations can help you protect your business against a wider range of surprises. By changing your operations, you will benefit your business by strengthening your resilience and increasing your sourcing capabilities.
Embracing the Future
The future is governed by technology and automation. Many of us have had to learn how to collaborate remotely which meant embracing collaboration and communication tools. But we have to go one step further and call for a bigger investment in skills-based training. In one respect, incorporating training will involve more digital tools, but it also means training people in how to use certain tools as well.
Moving Quickly
Companies have to adapt or falter in light of the pandemic. Therefore, in the modern post-COVID world, speed is even more important than it ever was. Companies that are now looking to build long-term strategies to serve their needs will benefit even more so when life returns to normal. Because this is for the very simple reason that they have already embraced the New Normal.
How Can We Incorporate Everything Into Our Business Model?
The hardest thing for any business to picture in a post-COVID world is a business that takes these aspects and brings them into a streamlined and sensible model. Many companies have already learned how to adapt in light of the ongoing situation and have found they were better off than ever because, very simply, this was the kick up the butt they needed. However, many other organizations are just waiting for the virus to disappear so they can just go back to the way they were. If this is you, you may want to drastically rethink your approach.
Running a business in an antiquated way may mean you will not have as many keen applicants but additionally, you may also find that people are more likely to jump ship. This is especially true in the world of hybrid working. We look at a hybrid model as the model of work going forward as a way for employees to get more of a balance in their lives. As we’ve all had to reassess our priorities during the pandemic, many have thought that they need to get a better work-life balance. And because there is more to life than just work, people are naturally becoming more focused on the quality of the work they do rather than the quantity. This is why many companies are now trialing a 4-day working week, not just in light of everything that has happened, but because it benefits the people who keep the business going. But while some people working at home found themselves able to balance things better, many didn’t.
Whatever the solution is for your business, the reality is that adaptation is crucial to keeping your business afloat in a post-pandemic world. We can only hope that life returns to the way it was, but let’s hope this doesn’t actually happen in the business world. Many entrepreneurs talk about having to adapt and many embodied this mindset before the pandemic. It’s just more important than ever that we now rethink everything in how we operate in this modern world.
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