16th Oct , 2021
As we thankfully farewell 2020, we must reflect on lessons learned and think how our businesses could have performed better. If only a business crystal ball had had been available prior to the pandemic!
Few could have anticipated the challenges and hardships faced by individuals and businesses as a result of the pandemic. However, with 2020 behind us, we must all look to 2021 and prepare for the many possible business scenarios that we will face.
Given the significant business and social changes and disruptions that we have recently experienced, and may continue to experience in the near future, what business opportunities will evolve? Have you and your leadership team proactively prepared your business strategy for the coming year? Have you considered what is trending now in your markets, with customers demand and with your competition in their delivery of products and service to customers?
It is time to consider the various difficult and opportunistic scenarios that your business could roll out in the next year to better take advantage of changes using your already identified strategic competitive advantages. Strategy development and subsequent implementation is an area where a trusted business mentor can provide assistance, helping to galvanise your leadership and your people into action.
Through great communication with customers and potential customers, you can instil anticipation and direct their focus onto your offerings while improving customer relationships. Your suppliers will also benefit by good positive strategy and communication, as this improves confidence in you and your business which in turn will motivate suppliers and customers.
At International Business Mentors, our business mentors and business coaches are facilitating business leaders to think strategically and to crystalise, anticipate and evaluate scenarios to be planned and implemented in the coming years.
Scenario planning is about risk identification and management. Some of the scenarios thrown up will come with high risks and potentially bad financial performance. These need to be anticipated, and plans put into effect to reduce the risks and the potential downsides. This scenario consideration approach is much better than simply reacting to downsides when these occur, as the impact may have been controlled to a much better extent if anticipated and planned for in advance.
As we now see light at the end of the pandemic tunnel, we wait for the potential vaccines to be effectively and promptly rolled out. The post vaccine scenarios will allow us to kick-start our businesses, move on our strategies, and reconnect with staff, customers and suppliers. What will emerge post vaccine will be a new business norm, and a good plan of implementation of your strategy must be in place and not left until after the event. This may necessitate readdressing dynamically detailed business plans, renegotiating new contracts and policies, re-considering the appropriateness of current office or building space, optimising flexible working patterns to suit the strategy, and looking at streamlining all processes in operation, customer facing interfaces and IT platforms. And of course, your top focus will be how to connect better with customers and grow your business
In all these business adaptation processes, you and your business could benefit greatly from business mentoring and coaching from an experienced business mentor or coach.
Some areas that are trending now include:
Call International Business Mentors today to discuss how we may be able to assist you with business mentoring and coaching from a qualified business mentor or business coach.