A prime topic of discussion in our webinar series, (re)Ignite Growth, was how many companies have both faced new challenges and also been resilient during the recent pandemic. Those that have been resilient have found new ways not only to survive but also to thrive. The tumultuous waters have made their leaders better sailors.
As the seas calm somewhat, leaders – especially those who materially changed their business model or operations during the past year – are faced with one overarching strategic consideration: do I move my company forward in the way that we have successfully navigated during covid, go back to our pre-covid way of doing business, or some combination?
Assuming you changed the way your business operates during covid, asking yourself some fundamental questions might help to determine the best path forward:
How has your covid performance compared to your pre-covid performance? What were the drivers of the differences?
To what extent are the underlying external trends that caused the shift in your business and operations likely to persist, or how might they change? What are the implications?
To what extent did your products, services, or price points change during the pandemic? What is worth maintaining, or what changes might be desirable or possible?
How did your market or customer base change or evolve during the pandemic? To what extent will those changes persist as we move forward?
Looking forward, what is the likely cash flow from each product or business?
Strategy is about asking the right questions and making choices (which often involve trade-offs). What questions are you asking about your business – past and present – as covid declines in the US and as you look forward? And what choices or trade-offs are you making, and why? The answers to these reflective questions will help drive your firm’s Strategic Navigation plan to plot the best course forward.
Sage Partner John Hansen contributed this Sage Advice.