Vantage Blog
20 January 2021
2021…here we come, ready or not?
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I can’t think of a time when we have wanted to escape one year and embrace the next as much as now. It would be an understatement to say that 2020 definitely won’t go down as collectively as our best year! There are things to be learnt from the experience and for some opportunities have emerged but the personal toll for most has been significant.
So, before we allow ourselves to merely ‘tip’ into 2021 there is a real opportunity to hit pause. To consider how we want 2021 to play out.
Seismic Shift or Small Shake?
For some COVID-19 has been seismic. The business dynamics have changed, the operating model found lacking and the financial underpinnings damaged. For those businesses in that unfortunate position a comprehensive and far-reaching strategic review needs to be undertaken. It may well be a question of survival.For others who have only been cosmetically affected (for instance where the major shift has been in requiring the team to work for home) it really is about determining how to face into the opportunities that 2021 offer up. To shape the organisation and its go to market strategy to best leverage those opportunities and refine their operating model.
An important watch out for those organisations is to ensure they lift their eyes to properly consider how 2020 impact their customers and suppliers. For it is in the next layer of their ecosystem that future challenges and opportunities may well lie. Therefore, undertaking a process to review and refresh their strategy and operating model is something that should be on the agenda sooner rather than later.
But most sit somewhere in between. One or more elements of their operating model has been disrupted. It could relate to their supply chain affected by shortages, segments of their client base hit hard by their ability to compete, access working capital restricted, partners changing their operating model in a negative way or any combination of these and other factors.
And these organisations need to spend some time reviewing and resetting their strategy and operating model, so they are ready to regrow in 2021. I wrote a playbook that explains these three steps – Review I Reset I Regrow click hereSome have undertaken this process, or a version of it, which will set them up for this year. But many put it on hold thinking “let’s get that when things return to normal”. But a return to normal is elusive. The risk is we start up again without taking pause and don’t put aside some quality time working through these issues.
Keep it simpleThis reset process doesn’t need to be complex. You don’t need to spend days away at strategy offsite (even if we could run and attend such a thing!). What we have learnt during this period is that short sharp focussed session run using Zoom or Teams together with online collaboration tools can achieve in two or three 2-hour sessions what used to take days. Spacing these sessions, a week or two apart, enables you to capture issues efficiently, spend time in between reflecting and percolating ideas and come to an action oriented 2021 plan.So, my advice to my client’s is don’t wait. Get going now. Do it yourself (my Road to Recovery Guide can help guide you). Or find a trusted advisor to facilitate the process. Key is ensuring you find the time to focus and maintain momentum as you look to the new year and new opportunities. All the best as you start out on the 2021 journey!
James AtkinsVantage Strategy
PS - We ran a short complimentary webinar, on February 2nd to help business leaders get a head start on reviewing 2020, and plotting out their approach to 2021. Click here to view a recording and access tools and templates.
James AtkinsVantage Strategy
PS - We ran a short complimentary webinar, on February 2nd to help business leaders get a head start on reviewing 2020, and plotting out their approach to 2021. Click here to view a recording and access tools and templates.