What Business Leaders Can Do to Prepare for the Next NormalJun 25, 2020 09:31AM ● By MED Magazine
A version of this article originally appeared on EideBailly.com.
How do you prepare your organization when you’re operating in a time of profound uncertainty and an accelerating speed of change?
Here are five critical considerations as leaders look toward the next normal.
Start at the Beginning
The speed at which the pandemic impacted businesses exposed gaping holes and issues for many organizations.
“Organizations must remedy the vulnerabilities the virus exposed,” says Partner Joe Kristan. “You have to look across your entire organization. It may be in your capital structure—too much debt can make you fragile. It may be in your systems, especially if you weren’t adequately prepared for a remote workforce.”
Leaders can start this process by taking a holistic look at their organization. “Focusing on your core competencies, eliminating product lines or services that distract from your core business objectives and providing superior customer service will keep businesses viable during the slow down and allow for a quicker recovery,” says Partner Shelley Earsley.
Embrace New Technologies
Strengthening digital capabilities will be a key component of future growth and innovation for leaders.
“In the last two decades, organizations that have separated themselves are the ones who have committed and embraced digital business,” says Ross Manson, Chief Practice Officer.
Understand Your Data
With sudden digital transformation comes more data. Understanding and harnessing that data will be critical for businesses who wish to make strategic growth decisions.
“There will be a more rapid shift for businesses to utilize technology to solve business problems, meet customer demands, efficiently utilize employees, analyze real-time data and adjust quickly to changing conditions,” says Earsley.
The future of business is based on the ability to make informed business decisions in real time and based on accurate data. This means relying on far more than just your financial statement. Business leaders should embrace leading indicators like operational analytics to get a clear snapshot of their organization’s current state and where they’re headed.
Readiness to Adapt
Successful business leaders look for opportunity within a turbulent business climate.
It all starts with innovation. “You can’t always use the past to predict the future,” says Partner Laura Srsich. “We now know that anything can happen to disrupt business. Thinking way outside the box for preparedness will become an integral part of all businesses, from planning to budgeting.”
Truly resilient businesses will be those who focus on staying relevant. They will take a deep look at what they offer, from product to consumer experience, and take the necessary steps to enact change.
“Companies have to stop doing things just because they’ve always done it that way,” says partner Chad Flanagan. “Now is the time to revisit short- and long-term strategy. How can you use digital solutions, new markets or products and emerging technology to move forward?”
It’s Time to Focus on Your Business
Organizational leaders who re-evaluate their business model, look for ways to embrace digital transformation, prioritize their employees and learn from their data will be better positioned to move forward and plan for the future.
A version of this post originally appeared on EideBailly.com.
Eide Bailly is a Top 25 Firm in the nation with offices in 15 states including South Dakota, North Dakota, Iowa and Minnesota.