So, if you want your business to come out on top—and remain there—you need to be proactive and intentional. Make sure innovation is a priority, tune in to financials, keep your employees happy and engaged and be ready to pivot when necessary.
Stay on top of your A-Game in 2020
Karl R. LaPan, President & CEO, The NIIC
You’re bringing your “A-game” and getting results. Your customers are enamored with your innovative products and services. You’re retaining the best and brightest and your cash flow and profits are consistent and reliably strong. In short, you have rhythm and momentum.
But don’t get complacent — a well-disciplined enterprise today isn’t enough to keep you at the top tomorrow. If you want to continue to enjoy growth, you need to capitalize on your opportunities and relentlessly focus on execution.
Here are three areas to self-assess:
1. Invest in your people.
Are you investing in the professional development of your best people? How do you keep them at the top of their game? Growing your talent pool is essential to capitalizing on strategic opportunities. In this strong economic cycle, I hear more and more from businesses that they have had to turn away business because they can’t find the human capital and talent they need to fulfill the orders!
2. Push innovation.
When was the last time your company added value with a new product or service? Businesses that develop and market offerings that customers appreciate have a competitive advantage over the companies that just go with the status quo. If you need some inspiration, check out this list from Fast Company. Innovation is integral to an organization’s long-term success but often is not a core competency of companies today.
3. Reimagine your business model.
Stagnation doesn’t happen overnight, but it can catch up with you over time. An adage is relevant here: If you’re not growing, you’re losing. Leadership calls for looking at novel ways to boost performance. Business model engineering – aligning and altering your business mix or launching new products or services can be an important consideration in better managing your profitability and growth. Every strategy has a financial footprint. What is the financial footprint of your business strategy? What pivots or business model changes do you have to make to get better operational results?