We’re now into the second week of 2020, and it seems as though corporate strategies are being revised on a daily basis, given the ongoing circumstances in Lebanon. With the lack of visibility and uncertainty inherited from 2019, businesses need to carefully plan and provision for the year, yet remain adaptable and agile… to be able to navigate through any storm.
When crafting your business strategy, start by reflecting first. Here are a few questions to get you started:
- What had you intended to achieve in 2020, that may no longer be feasible?
- Why is it no longer feasible? And can you overcome these challenges? How?
- If growing your market share in Lebanon was at the top of your agenda, can you pivot or explore new markets?
- Are there new services or products that could generate lucrative opportunities in the current market climate?
Define your goals
Once you have a bit more clarity vis a vis your business, you can start defining your goals:
- What are your three most important goals for this year?
- How can you measure them in a timely manner, to ensure you achieve them? Set achievable KPIs with key dates.
- What resources do you need to achieve these goals?
Make your goals and objectives SMART – meaning that they are specific, measurable, actionable, reasonable and time-bound.
Segment the year and set targets
Then break up the year into segments. Having a lack of clarity can be detrimental to planning. But what we know for certain that 2020 will offer us, is more challenges, more obstacles, a lot of disruption and a growing sentiment of uncertainty. However, if you stay up to speed with the news and developments in the country, you can start forecasting key milestones that will most likely happen, that may impact your business. Try not to plan for the entirety of 2020, but set objectives to be achieved by month or quarter. And when you do achieve them, celebrate them.
Then, set your targets. Do you want to increase the number of users? Are there new markets you want to venture into? Do you have financial goals to achieve? Be realistic with your approach, but it’s ok to dream a little.
Craft the strategy and communicate it
Once you have set your focus areas for 2020, craft the strategy. But don’t go at it alone. Get the team involved, and brainstorm. Perhaps a growing challenge has a really simple solution that a team member can propose. Perhaps there are opportunities that are being ignored. Allow the team to feel responsible for the company and its future, to create a sense of ownership and increase engagement levels.
Once the strategy has been set, present it to the team, and shed light on the expectations from each team member. Remember, when everyone is headed towards the same vision and aligned with the same goals, the outcome will be more promising. Each team member needs to also have a personal growth plan, to continue to be motivated to deliver at work.
But most importantly, be ready to pivot… if your strategy isn’t working, don’t be afraid to adapt it as 2020 unfolds.