In 2022-2023 we can continue to expect dramatic change and opportunity affecting all aspects of businesses and markets. This article is about change and how to take advantage of the factors effecting and enforcing change upon us.
Obviously one constant in business as in life more generally is that of change. This is nothing new as the quotes below demonstrates. The situation that is more unusual is the scale and speed of that change.
“Adapt or perish, now as ever, is nature’s inexorable imperative.” H.G. Wells.
“Change is the law of life and those who only look to the past or present are certain to miss the future” John F Kennedy.
How critical is Planning?
Planning for business growth in 2022 would ideally have started in 2021, however that may have not been possible with the demands of the previous year. If this is the case for you, then this could mean you are behind your competitors or you may miss opportunity this year without a rapid focus.
Planning is the starting foundation to building a path from survival to prosperity. However, planning is only as good as the quality and relevance of the information gathered and applied.
It is also critical to have actions today that are clearly linked to milestones from within your plan. In 2021 I introduced the Sales Intelligence focused approach as a business analysing tool. It is a significant contributor to the overall business intelligence model used by a wide variety of individuals and companies.
An optimal Sales Intelligence focused approach can help identify the changing impacts on your business from all sources, as well as to highlight the most profitable areas and market trends relevant for now and moving on into the future.
Foreseeable change factors:
2022 is likely to still be impacted by the effects from COVID-19, as well as the related impacts in the major financial sectors.
This impact includes the bond markets, with higher interest rates being applied to both the commercial and government bonds used to raise working capital. This developing financial system predicament has been well documented over the last few months, with warnings being issued by most of the major players.
This growing predicament will have an impact on all markets, resulting in the loss of the available disposable dollar levels and retraction of client spending power.
The inflation impact is yet to start having an effect, but it is looking to increase throughout 2022 and on in to 2023. It is more advanced in the United States at the time of writing, however other western countries will quickly catch up. There are other areas of concern for business owners/managers, including the skilled staffing sector where it is difficult and more expensive to recruit skilled staff.
There is also more pressure on managers/owners to retain their current skilled staff, as more opportunities are available in the job vacancy marketplace with perceived/real growth and value-based opportunities. This will have a direct impact on the performance of your business and its ability to meet the expectations of your customers.
Good strategies such as, participation systems and programmes, can assist in building a stronger commitment and willingness to remain involved by your current staff and an ability to help secure those skilled individuals you need.
Please remember that it is not always about money as the primary focus for your staff; it could be some simple things that can enrich their lives and job satisfaction. These factors are going to grow and add to the already strained supply and demand for products and services from different markets and businesses.
Particular countries also have more unique challenges. New Zealand for example, has an extremely dependent import-based economy with limited manufacturing capability. The market situation is complicated by geography.
New Zealand is at the bottom of any supply system run in terms of both scale and availability compared with the other much larger economies.
Creating Your Future
Where to from here? For going forward into 2022 and onwards there are many opportunities that will drive both growth and improvements that can overcome the existing market conditions and external influences.
These opportunities will be identified through good planning and building supporting networks and resources both internally and externally.
An executive strategic plan requires three basic elements
1. A well-defined and lucid future position
2. An effective execution plan with transparent links to that future position
3. All internal and external stakeholders aligned to that execution plan.
Utilising external and internal support services (i.e., professional consultants, government support services, etc) and your own networks. Each, and all of these, can help identify opportunities as they arise.
Through strategic business planning these opportunities can be converted into real growth in both sales volumes and profits margins. The sooner you can adapt to change the sooner you can start moving forward to a position of thriving.
Now can be your start point to take you and your team through the process of moving from reacting to change into leading/shaping change and thereby securing the future of your business and security for your team.
For more information visit https://www.bizdrivers.biz/strategic-planning/
If you would like to ask any questions, please feel free to message me directly on LinkedIn and I can reply to your message and answer your questions.
Executive Advisor: Venture Futurist