Thought Leadership
How to Build a Winning Business Strategy in 2022
Every new day gives us a closer look at the uncertainties of the time we are living in. We don’t yet know when things will stabilize and when the word “disruptor’ will be used to address a new market entrant with a unique business idea instead of us being locked up in our homes waiting for the Pandemic to pass.
Market indicators no longer hold the robust promise they once did and in a world where technology is now the sole connector between businesses and customers.
So how does one build a winning business strategy in 2022? How do we overcome disrupted supply chains, ever-evolving customer needs, providing high-quality products while remaining profitable throughout?
In the wake of the “great resignation” that had people from all walks of life deciding to quit the organizations they worked for and opting to be self-employed, the issue of high attrition rates is also looming large over even the most established businesses.
And this isn’t a generational phenomenon. Millennials and Gen Z’ers alike are headed home to strike out into the world (the digital world in this case) on their own. So how does a company retain its valuable assets and continue to offer value?
The Pandemic has shifted how businesses function and how customers and employees think, making the issue a double-edged sword. C-Suiters are increasingly faced with the question- Do I push for better quality service while overworking my employees to satiate my customers, or do I function at pre-pandemic levels to keep my employees comfortable but not catering to the needs of my customers?
Around the beginning of the year, leaders across the globe discuss strategies for business and revenue growth. There are several newer factors that business leaders have to take stock of this time around. So how does one build a winning business strategy in 2022? Well, that is what I am here to tell you.
Here are five considerations and actions that you as a business must take to build a winning strategy in 2022 while remaining relevant to old and new customer bases.
Have a Clear Vision of Your Goals
Having clearly defined goals can help align your workforce to your targets. As long as they are realistic, the ideal employee shouldn’t face issues like burnout. Clearly defining what you as a company aim to achieve and where each employee fits into the tapestry of this master plan is essential.
Knowing the company’s broader mission they work for can help employees re-direct their efforts towards this goal and achieve meaning from it. As long as human being feels like they are making an impact and is appropriately appreciated, the moral currency that smart work offers is justified.
As a leader, it is your job to bring your employees into the company’s fold and not just make them feel like a part of the bigger picture but acknowledge that they are crucial to your business’s success and are valued, appreciated, and compensated in direct correlation with the efforts they put in.
In today’s world, keeping your people close is perhaps the only way to keep afloat, and for that, communication is an absolute necessity.
Invest in Your Employees
Your employees are the fuel that keeps your business machine turning. We have already spoken about how an employee feels motivated to work if he is appreciated.
But how does one bridge the issue of the skill gap? Just because an employee is hard-working doesn’t mean that his efforts meet requirements. So what do you do? The answer is simple, invest in your employees. Begin with a coaching and development mindset. You nurture your employees as essential parts of the organization while constantly offering them opportunities to upskill themselves and become more relevant and valuable.
Make it a point of seeing more in your employees than they do. Look for development opportunities, cross-functional deployment, upskilling, and all else that can make your people increasingly efficient, effective, and relevant.
Not only will this ensure that your workforce stays with you, but it also means that you have trusted employees who are increasingly getting better and better at what they do.
Customer-centricity is Paramount
Building a culture with the customer at the center is essential. Today’s customer has so many options to choose from that your business needs to truly shine to stand apart from the competition. When I say shine, I mean better products, better service, higher social currency, a stronger brand image, and better customer support. Building capabilities along the lines above will ensure that your business will be a winner in the years to come.
Make it a point to let your customer know how your product/service is better than everyone else’s, what value proposition your product brings to the customer, and why other customers who use your products are admired so much. The last is a guerrilla tactic of brand building, but in a world where the word “branded’ carries so many connotations, building a strong persona for your business will help immensely.
Customer-centricity is a key pillar of business success, and yet it is extremely difficult to achieve if not approached in the right manner. You don’t want to hoodwink your customers into buying your product. It would help if you instead focused on building a product that your customers would want.
Organizations that have built a strong identity through ethical and business savvy practices are admired by their customers and employees. This works as a reverse catch 22 where everyone is the winner.
Delve into Digital
Everyone today knows what digital transformation services are and what value it brings. Today’s customer carries a computer in his pocket, a computer with greater computational capability than those used for the Apollo missions.
Building a presence in the digital world is, therefore, an absolute imperative given that even before a customer walks into your brick and mortar premises, he has already visited your website at least twice. The digital sphere is here to stay and will only expand further and further into our everyday lives until distinguishing between the virtual and physical will be quite challenging.
The current state of the world is that even as we were recovering from the last wave, a new one is seemingly surfacing with organizations and employees functioning remotely. This is one of the primary use cases of digital tools.
Building a tech arsenal that allows your business to function seamlessly across digital and physical realms will be a stand-out feature that will keep your customers engaged and your business relevant in the years to come.
Work on Your Employee Policies
Job opportunities are a dime a dozen today. There is always a company on the lookout to headhunt your employees, And the issue is that they have their sights on the best ones.
But compensation isn’t the only factor that may entice an employee to move to a different organization. The quality of interaction he has with colleagues, how he feels while working and how his efforts are recognized and applauded play a crucial role in employee satisfaction.
As a business, you need to make sure that you know exactly what your employees need and how you will fulfill those needs going forward.
Summing Up
So there you have it, five critical points that will ensure the crafting of a winning business strategy in 2022. Although if you wish to ensure that all your efforts are made in the right direction, then I’d recommend checking expert strategy consulting services for innovative IT strategies and tailored roadmaps ensuring fast-paced operations.
These points are fundamental principal to keep your workforce productive, your customer satisfied, and your business profitable and capable of standing the test of time. I trust this article has proven informative. Until next time, happy developing!
