STRATEGY FOR THE YEAR AHEAD
Developing the Strategy
The financial year 2019/2020 has been nothing short of an unpredictable rollercoaster and with the future remaining uncertain, how to develop a business strategy for the year ahead becomes increasingly important. Business owners and work forces have been equally shaken by the impacts suffered personally and financially from the pandemic and a lack of clear vision, unity and tangible plan have resulted.
Provectus Management Consulting has been working with business to address and assess business concerns, team engagement and performance and productivity levels and set forth milestone-led, achievable plans to help business owners navigate through this uncertainty. Experience in guiding through unprecedented times gives us the foundation to provide solutions to our business community.
As we have entered phase 3 of the reopening roadmap, there is a degree of optimism and the need for a cohesive strategy.
Businesses can begin to look ahead with cautious hope, but the realities are ever present. Teams are beginning to re-emerge from isolation. Employees will continue to have numerous questions and need clear, transparent communication and planning to begin feeling comfortable and productive once more.
Assessing the Industry
To even begin creating a plan, it must be founded in the realities of industry. Acknowledging the present changes and challenges and the current trading environment is essential for a valid plan.
Depending on your strategic objectives, informing yourself of the changes and effects of the past year will help to steer decisions. Understanding if a supplier has restricted capacity now, if there are new or less competitors in the market, if new remote work environments affect your demand and the many changes that have occurred are vital in generating an effective plan.
Gaining the input and research of the team within this assessment can double as information gathering and transparent planning. This is a major help for inclusivity, aligning values and ownership over your eventual goals.
Goal Planning with Milestones and Checkpoints
A well-designed strategy and plan necessitate clear goals and objectives. Attainable goals give a clear vision of where the company intends to be by the end of your plan. They offer a tangible success metric for you and your team judge their success by.
To achieve those goals, there needs to be milestones and checkpoints along the way. KPIs (Key performance indicators) track your performance and keep you informed of your performance in relation to the overall goals.
Executing the Plan
Engaging the Team
Carrying out any plan fundamentally requires the collective engagement of employees. With the uncertainty over the previous three to four months, work forces have become disconnected. There are several reasons for this, including personal and family health, financial stress, job security and isolation. Addressing these and enacting measures to engage your team is crucial.
The number one impacting factor on team performance according to Google’s internal 5-year study is psychological safety. That is the ability of the team to feel safe to contribute and make suggestions without feeling embarrassed or incompetent if they are incorrect.
Inclusive, welcoming, and encouraging management and staff input has been proven to increase the success of business strategy. Employees feel engaged, respected, motivated, and valued which results in quicker identification of mistakes and problems, ownership of the success, increased productivity, and independent championing of the company.
Periodically Review and Evaluate Strategy
Deciding goals and getting the team on board are the mainstays of a successful plan. There are numerous factors to improve your odds along the way to achieving your goals. Employee rewards can boost motivation and recognition of exceptional performance. Town hall pulse checks and productive meetings keep all parties involved and give regular updates on the rate of progress towards a goal.
Reviewing success barometers and celebrating milestones on route to your goal influence success. Open transparency and psychological safety allows your team to challenge failing parts of the plan and offer innovative solutions to ensure success. Identifying mistakes and failures are a fuel source of cost-effective efficient plans. Regular feedback expedites then evaluation of the strategy and narrows the chance of following the wrong path.
Provectus Management Consulting
During the past three months, countless businesses were forced to hibernate leading into the financial year end causing havoc for company owners. As Western Australia expects a $12 billion dent to the economy, the need to put the right strategy in place and steer through a potential recession looms large.
In a 40-year business leadership career, Henry Atturo has helped numerous companies when they needed it most. Bridging the gap between where you are and where you would like to be is down to strategising, futureproofing, and coaching. Having supported industries through difficulty and recessions previously, Provectus Managing Consulting has developed proven management processes to growing through challenging economic times.
Tailored Analysis and Strategy
Assessing and understanding where the business currently stands and what can influence success is imperative. A 2-day strategy session provided by Henry will give you an honest landscape of the present and assist in developing a detailed road map to achieving your goals.
Having your company and industry assessed with a PESTEL and SWOT analysis looking at the internal and macroeconomic factors permits the discovery of opportunities or underperformance. A detailed financial, employee, customer and objectives review will also contribute to optimised decision making.
Knowing all the necessary information, informs the choices and objectives of the next stage of strategy which is to decide goals. With a proven management process, Henry will help align your vision with key functional objectives for the new financial year.
Ongoing Support and Guidance
Understanding the need for ongoing review and support, Provectus Management Consulting provides follow up monthly support and coaching. Business owners can seem bulletproof to employees, but they too need guidance and support from their community. Often a new perspective can bring about cost savings, increased productivity and improved profits which are all key to a successful business.