The anxiety and panic of 2020 are behind us. This is the year that makes its mark on thousands of businesses every year.
Due to the epidemic many companies have adjusted, re-adjusted, and re-adjusted their business strategies.
Those with strong operational foundations are able to survive. They were able to accelerate the ups and downs of the market.
Some have grown and there has been a significant increase in sales and revenue. Others were not so lucky and had to cut production and staff.
As the COVID days economy still continues, business owners must continue to adjust and add to their strategic processes. It involves the analysis, evaluation, and development of a plan that establishes the right direction and discipline that will surely be tackled throughout 2021.
Case in point. I was a member of the USVI Olympic sailing team in the past. We depart from the US Sailing Center in Coconut Grove, Florida. When we were in the race, the course was arranged in a triangle. This means that no matter which side the wind blows, you have to drive your sailboat faster and maintain speed.
Of course, you will not only have to maintain speed but also work hard to keep an eye on other boats. You literally can’t allow a competitor to “take the air out of your sail”.
The race has a high-level strategy. The sail must be set correctly to make the next 300-degree turn without losing speed. This is a complete attempt to cross the finish line before the competition.
Your business plan should do the same. This is not only to speed up your company but also to create a strategy designed to win the race in the new year.
The popular Entrepreneur Operating System (EOS®) used by thousands of businesses across the country and discussed here is an example of a winning plan. Like the EOS® plan, your strategy should focus on six key areas.
Also includes …
A Hard Solid Vision
If everyone in the company is on the same page and rowing, if you want, in the same direction. The whole team needs to understand the direction of the business and how you are going to get there. Great progress can be made when employees have a clear vision of where you are going, and then align their time with it.
Business owners need to surround themselves with amazing people from top to bottom. A great vision cannot be achieved without a great team. Many business owners are struggling in this area but the best companies have a strong group to support them.
Data and metrics
Management should reduce all personalities, feelings, thoughts and ego. Instead a plan should be boiled down to some objective numbers. It gives a full pulse to where it happened at any given time. These data points help the team to focus, participate and work on your vision.
The solution to the problems
Problems can push the company backward. Most solvable, but unresolved can turn into a slow-moving mule. These issues need to be addressed at their root causes. Properly covered, it will withstand a lot of adverse conditions.
Companies have different business processes. Some are better than others and may vary for each employee. Management should document what these processes are and simplify them to ensure that everyone in the organization is following them.
Once companies have implemented these processes, they will be in a position to implement them, where they are making great strides as never before. By recognizing their top priorities, taking the time of the week to work through them, and taking responsibility for each other, they will be able to move forward and faster.
Creating the right strategic plan, along with the right policies for implementation, measurement, and accountability will enable the business owner to suppress their numbers and move their business plan in 2021.
Bruce Sheridan is a professional EOS® executive and organizational compass operator in St. Louis. His background works for a variety of companies, including Fortune 100 Corporation. He has worked with domestic and international business models.
He has been part of revenue growth, efficiency innovations, and productivity improvements that have provided significant multiple returns from his investments. He has earned the Lean Six Sigma Master Black Belt, Patent, Awards and has literally written a book on business strategy.
He implements the EOS model to achieve the lives that entrepreneurs see. He works with business leaders to get out of the mess and help small business leaders really get out of confusing, overwhelming, and inefficient waste.