Written by Jennifer Kelly, Director StrategyBox consulting Ltd
2021! We just can't wait to start a fresh new year and do all of the things that we had planned to do in 2020. isn't that right?
We have learned many lessons in 2020 about who we are as people, family members, work colleagues, and Leaders this year. Maybe your business has suffered as a result of the challenges, or maybe you were able to ride through the storm. Whatever the answer may be, the truth is, that if you want to make something happen, you need some sort of planning mechanism to make it work.
This article provides you with some things that you can do today and over the next few weeks to kick start that process.
Create a governance calendar.
allow you to plan out the sessions that you need to have with your leadership
team and the financial team to understand the current situation.
Get your finance team to prepare the Financial forecasts
Take a closer look at the assumptions and projections. What worked in 2020.? What did not work? What does your cost base look like? Material Spend %, OPEX %. Have you really looked through your business, in terms of those costs that you don't need to be spending on now, for example, pent-up inventory, that perhaps is aging, Spare parts you bought, just in case there was a need for rework? consumables, even subscriptions that may be redundant. This is the time to be reducing waste and "Leaning" your business.
Map out time, to look at how the market is changing
Map out your current environment. All businesses in some form have been affected by COVID, but the Bull is staring at you in the China shop and BREXIT is up next. You need to try and get your head around this and how it will impact your business. Do some scenario planning and look at how different assumptions will give you different results ( BEFORE the time comes)
Understand your sales forecasts.
Which Clients are using your services still? Which clients have put their spending on hold? Which potential clients are out there who may be receiving bad service at the moment from another supplier, that you may be able to help? Are there partners that you could link with and form a JV to attract more business?
Review your Lessons learned.
I cannot reiterate how important
it is that you and your team look back on your lessons learned. Imagine the
wealth of knowledge that you would get from just looking at things like, how
your team reacted to the COVID 19 situation or how your projects were delivered, or how your IT infrastructure was effective enough to get you through. This is unbelievably
valuable information that you should be collecting after each project or event.
There are easy ways to prepare a lesson learned and to track them.
Get your team's buy-in and input.
Tell your teams that you are planning and that you want their input. After all, you are the leader of the organization and that is what they expect you to be doing. You need to ensure you have a flywheel effect of momentum going on in your company. Times are hard and at this stage in 2020, you as a person are most likely drained !!! You need to rise up as the leader and create the engine of momentum to get back on track. Pick a realistic end of year goal and drive for results.
Create a sense of purpose
Why does your business exist? It didn't magically appear? There was a purpose for WHY your business was created. Go back and revisit that purpose and give your team a sense of purpose and something worth fighting for.
Remember, that Strategy is...
"A plan of action designed to achieve an objective"
Define your objective clearly and map out your plan of action. Take one step at a time and Good luck with the process. It will serve you well in 2021.
Enterprise Ireland is providing grants for manufacturing and internationally traded companies. Get in touch to find out more.
I have 16 years of experience as a Director with a demonstrated history of working in strong, diverse, international industries, in strategic planning and business delivery roles. I have experience at both Multinationals and Small-Medium enterprises which gives me the advantage of understanding all levels of business.
I have reported to the CEO of organizations and sat at the leadership level for the last ten years. I was fortunate to gain huge experience across global industries in different industry sectors.
I have worked on large acquisitions and project delivery in Ireland, the UK, the USA, and the Caribbean.
Process, People, and Technology are key to any business success along with lessons learned. I have worked with incredible CEOs and leaders over the years who have molded my thought process and given me insights and experience that I can pass onto other companies. My aim is to help as many businesses as I can that will add value to their customers and business.