When the pandemic rocked the global economy last year, unemployment increased, companies had to lay off or lay off workers quickly and markets remained uncertain. This meant that everything was uncertain for the companies and their employees as well.
For this reason, many companies have spent the past year trying to achieve or maintain stability. With more people vaccinated and cases dropping across the country, the economy is stabilizing and increasing consumer and business confidence.
As such, leaders are shifting their focus from simple survival to prosperity in the months and years to come. But making big plans can be a challenge, especially for leaders. It’s easy to get distracted by the day-to-day details of operations and lose sight of the big picture.
To ensure the sustainability of your business and transform your company’s vision into reality, prioritize these four practices:
Be prepared to grow.
As policymakers can now have more confidence in a stabilizing economy and forecast growth in consumer spending, the door is open to focus on growth rather than fear. They can use the solid foundation they have built throughout the pandemic and find ways to optimize and improve.
Doing this starts with creating stability. The events of the past year have turned so many lives upside down in so many ways, and people are thirsty for a return to normalcy. Show your team members that they can depend on their jobs and the work they enjoy doing.
Also, be sure to communicate clearly and consistently and be transparent with the growth plans you have set for the year. This will help everyone feel on the same page and give them the peace of mind they need to make this growth goal a reality.
Test new marketing strategies.
The conditions are right for innovation, so try out new growth strategies and tactics. One of the most promising of the moment? TikTok Marketing. Although some people see the platform as social media for teens, more and more it has proven to be much more, especially for businesses.
According to Sheryl Teo, founder of influencer marketing agency Popcorn Growth, companies should definitely invest in TikTok to support their brands. Because the platform is growing so rapidly, businesses across all industries have the opportunity to take advantage of everything it offers. By doing so, they can also get ahead of competitors who have not started marketing on the platform.
The pandemic forced most companies to immediately switch to virtual operations. It also forced them to have everything online. At the time, this digital shift was part of survival. However, since then, people hope to be able to get involved in virtually any business in any industry.
There has never been a better time for digital transformation, or more necessary. To stay relevant to your customers, you need to keep up with (and constantly improve) your digital offerings. The good news is that you are probably in a position to do this. According to a 2020 Capgemini report, 62% of people say they have the leadership they need to achieve digital transformation; only 26% of those surveyed felt the same in 2018.
The benefits of digital transformation are worth it. Strengthening and optimizing your digital processes increases the efficiency in your organization, helping it to be competitive in costs and increase its revenues. Ultimately, digitally driven companies have higher valuations than those that are not. It’s easy to see why digital should be a priority.
Explore models of hybrid workplaces.
After being forced to work remotely for a year, even companies that thought they could never (or would not) do so are reconsidering their decision. A lot of people want to come back to the office. They fail to speak with their colleagues, collaborate with their teams, and leave their homes. But they also want a permanent option to work from home.
Offering the flexibility of working from home, at least occasionally, has gone from being a benefit to an expectation. Consider creating a hybrid work environment that allows people to work in the office and at home.
Jeff Schwartz, Founding Partner of Future of Work Practice at Deloitte Consulting, explains this change well: “Last summer, we asked ourselves: ‘Who are the people who need to be in the office to do their jobs and how to get them back safely. security. ? ? “The question now posed to a year of remote work is, ‘What are the ways employees enjoy working and how do we understand their preferences? ‘
Certain good practices come into play when establishing the operation of this new system. Start by talking to each employee to understand what they want to see in a hybrid environment. Will they work most often from home? Spend their days bouncing between a coffee in the morning and the office in the afternoon? Get a feel for what people need first, then figure out how best to handle that wait.
Also, start focusing on results rather than 9-5 business days. People who have proven that they can do their job well when working from home with flexible hours will want to retain that flexibility. Prove that you trust them to be self-reliant and productive.
Leaders have seen so much change over the past year,. But now is the time to take advantage of all the positive and possible changes to come. Focus on growing while taking the necessary steps to achieve it, and you’ll ensure the sustainability of your business for whatever comes your way.