New World, New Vision: four areas to consider when it comes to the direction of your business
2020 has been a disruptive year for many. But disruption can be a force for positive change. And if there’s one thing we can all agree on, it’s that the world has certainly changed over the last 12 months.
So, now it’s time for your business to change with it.
But while it may be tempting to rapidly start reimagining your products or ways of working, it’s important that you take your time. Because planning the right next steps for your business will be key to emerging from these challenging times stronger and better suited for the new world.
Regardless of how the crisis has affected your business so far, it’s important to take this opportunity to step back and think about where you are, where you’re heading and where you want to be.
Adapting your mission statement: As this is the document stating the purpose of your business’s existence, it’s crucial that you revisit it to make sure your current goals still hold true. Even if it’s just a line or two, make sure the statement is still fit for purpose and that the tone of voice reflects the way you want customers today to view your business. So, decide on what you want your business to be and decide how you want to say it, all with your customers in mind. You can find 17 ‘truly inspiring’ examples and tips on how to write yours from Hubspot here.
Think less about the competition, and more about your customers: While it’s crucial to be aware of what your competition is up to, it’s a lot more important to focus on what your customers are doing and want. How has this crisis impacted your relationship with them and what can you do to help make their lives easier? Because while the economy may be complex at the moment, as Jeff Bezos said: “If you have a customer-centric culture, that cures a lot of ills.”
Stay flexible: Even though working from home initiatives have needed to be adopted by many businesses due to the current situation, it has very quickly come to represent the ‘new normal’. So instead of focusing on returning to pre-Covid work habits, explore where it brings benefits to your business – whether that’s widening your pool of talent by being able to employ people from further afield, serving customers differently or just saving money on real estate. All this impacts the overall direction of your business and how you engage with your customers.
Establish both long and short-term goals: Despite all the uncertainty we’ve faced and are still likely to face, it doesn’t remove the need for goals. All the changes you’ve put in place today should build towards a stronger tomorrow. Set out short-term goals that are achievable so you can measure success. Try and make these Specific, Measureable, Achievable, Relevant and Time-bound (SMART). We’d all like to go global overnight but if you make SMART goals, they’re far more likely to keep you on track and deliver regular wins that will keep you and your team motivated. But most importantly, also make sure these goals are still aligned to your long-term vision of success.
If you’d like support on any of the above, or just re-confirming the direction of your business, get in touch with one of our V-hub representatives here.