The Digital Age has, of course, prompted a new economy. To win, you must become adept in the interactive process inherent in the digital economy.
Everything depends on your ability to rapidly make decisions – to protect your turf and grow your business for a competitive advantage.
This necessitates businesses plan differently with faster decisions. In our unpredictable global marketplace, it’s imperative for B2B and B2C organizations to think with more urgency in real time.
Agility is the key to success. This does not mean you should deviate from key elements of your strategic plan. Emphasize attaining a competitive advantage in branding, increasing market share, and striving for profits.
As you plan strategically, keep four elements in mind:
1. Transfix employees with a bold vision
Your vision must electrify your team to think and behave quickly.
Your mission statement should inspire your associates. You need them to be as passionate as possible.
This doesn’t mean taking bad risks.
It does mean motivating your team members to be strong in attracting and keeping customers.
An excellent way to motivate your employees is to maximize your engagement with them. In turn, you’ll motivate your employees to offer profitable ideas.
It’s important not to be flighty and abruptly changing your tactics. Stay focused and continue to communicate tactics for long-term sustainability.
Whatever your situation in pursuing growth, maintain a delicate balance. Prepare for details and keep an open mind regarding business uncertainty with a mindset and best practices in strategic leadership for growth.
2. Develop quarterly priorities
With your marketplace moving so quickly, think in 90-day increments for footwork. Every three months review and evaluate your tactics for viability in reaching your objectives.
Your tactics must be aligned with your overall objectives. Get input from your key talent. In turn, each person should be analyzing whether their activities will ultimately lead to success.
After all, they must effectively work cross-functionally to cohesively strive toward the common goal.
Better business performance results when CEOs show leadership in providing the best-possible customer experience.
So stress a customer-centric philosophy because companies profit most by investing in customer engagement.
Question what you know. Question what you don’t know.
3. Accelerate calibration of your financial planning
Yes, your stakeholders – shareholders and lenders – want you to have a strong business plan. They don’t want you to shoot from the hip.
But you must have early assessments regarding the consequences of your efforts. Question what you know. Question what you don’t know.
While you’re eyeing the future with three to five-year planning, you still must quickly adjust your approach if your financial goals aren’t on track to meet your forecasts.
A sober look at your financials is regularly needed during the year to determine if your business planning is applicable.
Assess the results and whether new strategies are needed. Forecast how any changes will affect your cash flow and financial performance.
Along the way, remember to accurately query your best source for business advice: Your customers.
4. Implement new benchmarks
Take advantage of new opportunities in data research to monitor the success of your tactics. You need to know how to use data in analytics.
Make use of big data by leveraging the six types of analytics. This includes prospects that can be monetized from designing and maximizing your processes.
The old adage about marketing – test, test and test – is still true. So continue to experiment with different tactics but with prompt evaluations on their effectiveness.
Be sophisticated about it. Are your approaches working? Why or why not? Quickly ascertain whether the tactics should continue or be abandoned.
This requires an understanding about your competitive stature in the marketplace. You must focus on growth and capturing market share with a cautious eye on profits and cash flow.
From the Coach’s Corner, here are related strategies:
Strategies to Measure, Boost Your Business Performance — If healthy revenue and profit margins are your goal, you must determine the critical factors that lead to success. In essence, business is war in commerce. In order to win, you must know how, why and when to attack.
Financial Management – 6 Keys for Best ROI on IT Projects — In financial planning, there six steps you can take to solve the mystery surrounding information technology projects – how to assess and prioritize for an excellent return on your investment.
5 Top Leadership Philosophies in Business Management — From Seattle to Singapore, top managers show leadership by coaching their teams to success. They accomplish goals with five habitual philosophies.
10 Best Tech Strategies for Stronger Financial Results — Businesses that use 10 digital best practices are achieving stronger financial results than those that don’t.
Employees Will Help You in Strategic Planning If You Use 3 Tips — Have you developed your strategy? It’s important to proceed without engaging in self doubt. But you’re concerned about involving your employees? There are three closely related basics in working with your employees to get the job done.
“As technology has improved, our digital lives have only grown more tangled and cluttered.”