One major lesson this year has taught every business is the need for a strong and effective corporate governance structure regardless of the size of your organization as this helps stir the organization through the VUCA (volatile, uncertain, complex, ambiguous) times we are in to avoid crashing. Most medical experts have agreed that the COVID-19 pandemic will continue to affect our lives well into the first half of 2021 so your businness should not be caught unawares as only the strongest and well-managed businesses will continue to pivot to remain successful and create new profit centers. A strong corporate governance structure will provide the needed anchor to navigate through this.
With the understanding that uncertainty breeds innovation, it is time to reflect on what you’ve learned so far and put in the required work to build a solid governance structure as you prepare your business for 2021 and beyond. With this in place, you will be able to look at your business with a critical eye and evaluate its performance honestly and objectively. You can also embrace some of these strategies to prepare for a successful new year:
Reassess the context of your organization to be sure the purpose of the organization is still in tune with the demands of the current economic landscape. With the use of a SWOT or PESTLE analysis, you can create a solid plan of action to navigate through the new year.
Share your business plan’s timeline with your entire team to ensure everyone is on the same page and let your team know you value their feedback and ideas. New processes and any change management initiative takes time to plan and to be accepted, and so when everyone understands the vision and overall time frame for implementation it will be highly successful. However, ensure the goals are realistic with achievable benchmarks as this is crucial in setting up your team for success. Goals that are too far out of reach could reduce morale and set the stage for failure.
Adopt a management system, preferably an international standard, to manage the interrelated parts of the business in order to achieve the set objectives which can be related to a number of different areas like product or service quality, operational efficiency, environmental performance, health and safety in the workplace, information security and many more. Click Here to read more on how to leverage on standards for the sustainability of your business.
Include COVID-19 health and safety precautions as an integral part of any business preparations for the new year. There should be need to allow for new COVID-19 precautions and other possible restrictions in your business planing as well.
Embrace technology and digital solutions for the survival and differentiation of your business. Click Here to read more on how beneficial this will be to your business.
Tap into shared experiences and energy of having millennial talents in your workforce and as clients because it is estimated that by 2030, millennials and Gen Zs will have the biggest spending power by far, so as you prepare your business for what comes next, it is smart to engage them in as many ways as possible right now.
Arguably, many of our new business and lifestyle behaviors will become part of the normal in 2021 and will help drive major technological and business innovations, hence in reimagining your business you need to put a solid corporate governance structure in place as an anchor and also strive to continuously look for ways to provide the best experience to your employees and clients despite the noise of volatility, uncertainty, complexity and ambiguity hovering around our business landscape.