Economies are in a perpetual heating and cooling cycle, with all phases providing opportunities to better serve your customers and thrive in your business.
There’s no denying the effects of higher interest rates and inflation are changing customers’ buying habits. This, combined with more expensive raw materials, stock and labour, and disruptions to supply chains, could test your business’s resilience. Planning is the best way to get ahead of changing conditions and build resilience.
Five ways to build resilience:
1. Opting in to planning. Adopting a structured approach to goal setting, planning, and execution enables leaders to be more responsive and adaptable in changing conditions.
2. Creating sustainable value. Evaluating your processes and product mix, and measuring relevant KPIs, will identify opportunities to maximise the return you get from your offering.
3. Closing product gaps. Reviewing your products and services to ensure they are what your customers want and need (right now), will help you close the gap between supply and demand.
4. Retaining your talent. Investing time and energy into your company culture to empower your team to thrive in their roles and be loyal to your business, is key to minimising disruption.
5. Identifying opportunities. Committing to working on your business (not just in it) allows for blue sky thinking, so you can recognise and capitalise on opportunities that pop up due to changing conditions.
Applying TLC (Thinking Like a Customer) to filter out what isn’t working in your business, and listening to your loyal customers’ wants and needs, are key to closing the gaps so that your supply meets demand.
Ongoing Business Planning is critical to building a resilient, sustainable, and thriving business. Contact us to hear more about how we support our clients with Business Planning to stay on top of product-market fit, set achievable goals, and leverage opportunities that exist in their business.