Last week I wrote about three strategies that businesses large and small should consider as we move beyond the acute disruptions or Covid and into the next phase of recovery. Those included:
- Accelerate Your Ability to Pivot;
- Improve Your Reaction Time; and
- Share Risk to Increase Reward.
Here are three more strategic initiatives that you can apply to assure the health of your company going forward:
- Increase Your Decision Speed. The key to quick decisions is having the proper organizational structure. Examine your organizational chart to assure that it is optimized to enable you to act quickly. It is also helpful to develop clear decision-making processes, not only to improve speed but to eliminate bias. The proper structure and process will produce better decisions in less time.
- Audit Your Talent Pool. Your ability to succeed depends ultimately on the abilities of those around you. Systematically examine your roster and honestly evaluate capabilities, keeping in mind that the right attitude is often more valuable than the right skill set. You should also look at your outside support system – accountants, business advisors, attorneys, even IT services – and make sure that they are not only able, but a good match for your company.
- Expedite Adaptation. Since change is certain, the ability to adapt is critical. Encourage and facilitate learning at all levels of the company. Provide training to develop skills. And look beyond your four walls – keep your eyes open to the activities and initiatives of your peers and competitors.
For help implementing these strategies or for more insight into how you can move your business forward, give us a call or drop an email.
Marc Alterman is the principal of MA33 Strategies, LLC, a consultancy dedicated to providing strategic planning and general business advice to entrepreneurs and executives. For help with your company’s overall strategic direction or other management challenges, contact Marc Alterman at marc.alterman@MA33Strategies.com.