Change is constant in business, right now there are lots of moving pieces that will impact 2023.
Smart leaders separate themselves from the pack by reevaluating their goals, team, and mindset on a quarterly basis to adjust to changing dynamics across the industry. Whether internal or external, plenty of factors can force you to change practices or suffer the consequences.
Let’s examine how some of the best CEOs go back to the drawing board to tighten up strategy.
Keep the Customer Front and Center
Naturally, customers, buying trends, and public trends shift constantly. Keeping your finger on the pulse of your customers is a surefire way to stay attuned to what they need most from your services.
Keep close to them and listen to them intently. Believe it or not, your customers often are the first to start spotting and responding to market changes. If you tap into that reserve, you can gain valuable data to inform your future decisions and stay ahead of the competition.
Netflix did this during the rise of subscription services, and they continue to spar with their competition by polling and staying connected with the people who use their services. Now, the entire landscape of digital services has shifted to recurring payments. Make sure you’re there for the next big step in your field and keep an eye on your customers.
Keep Emotions Out of it!
The biggest risk we see new and seasoned business owners make is putting their emotions where their ideas are. Confirmation bias sets in more than we know or recognize.
Of course, part of the thrill of running an organization involves taking a kernel of an idea and multiplying it into something robust, and lasting. But if you get too close to the idea or take rejection too personally, you may be setting yourself up for failure. At the very least, you’re limiting your ability to think critically.
It’s hard to shift with trends or follow the voice of the customer if you’re too proud of your ideas. But the market never lies, and neither does customer behavior. Give yourself the freedom to explore new ideas, but make sure you receive criticism and new data with an open mind so you don’t cloister yourself and your goals.
Set Short, Long-Term, Hard, and Soft Goals
Whether part of an internal strategy shared at meetings or just a document you keep on your personal computer, you need delineated goals that you can reference to keep your business on track. A lot of CEOs already do this and assume it stops there. And some goals stay constant and unhindered by pressures for the lifetime of your company.
However, with all the changing dynamics of the marketplace, you’re going to generate new ideas and solutions. You need to reference your long-term goals and make sure everything is in alignment every time you take on a new perspective. Otherwise, you risk straying from the heart of your strategy and losing what makes your angle unique.
In the spirit of shifting trends, setting some “soft” goals is a great way to practice dynamism. You set these goals with the intention that they can shift and mold to meet changing demands. Back these with some “hard” goals that are unlikely to change, and you have a solid framework to build from. This keeps everyone on task while limiting the chaos of going back to the drawing board when things aren’t working. With solid hard goals to back everything up, you can rely on consistency, know what everything is working toward, and avoid wiping the slate clean every time you need to make a minor adjustment.
Some hard goals include revenue targets or plans for succession after you’re ready to move on. These don’t move and stay 100% the same until the day you meet them.
Soft goals tend to be product or service-related, but can encompass a range of things. For example, if you lead with a flagship product, you likely invest more marketing, time, and strategy into this product. If for some reason your customer base responds stronger to another one of your products, it’s likely wise to start remapping your resources. Overall, this doesn’t dismantle your hard goals, rather it strengthens the impact of your soft goals.
The Impact of Re-Evaluation – Making Success Exponential
Practicing these strategies is a surefire way to keep your organization ahead of the competition and ready to take advantage of shifting dynamics. Likewise, implementing these ideas across your entire business keeps your team engaged as well. With more people on board, you have more chances to spot small trends before they explode. And like listening to your customers, you’re going to want a reliable team surrounding you who can streamline the process.
Overall, there’s no foolproof roadmap to follow. Instead, respond to important stimuli. Craft a flight plan that will get you most of the way but is dynamic enough to mold to your strategy no matter what the market dictates. With an open mind to reevaluating strategy, you can amplify your ability to meet the market where it’s at.
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