The piece below is written by a colleague…I think it is right on the money. I am sharing it with you; let me know your thoughts.
It’s Time to Refresh Your Strategy
I believe most would agree that it is refreshing to see business reopen and our economy beginning to rebound. Yet the uncertainty of the second and third quarters of 2020 still looms over our heads. Not knowing what the short-term future holds has caused many CEOs to delay investments that are needed to achieve long term strategic goals. As a result, companies focusing only on the short-term are at risk of jeopardizing their long-term strategic objectives.
Our friends at Carter Morse & Goodrich, a boutique M&A advisory firm, recently published their “Insights in 60 Seconds” newsletter. The headline quote is from Albert Einstein, “In the middle of difficulty lies opportunities.” CMG’s advice to middle market business leaders is to look up from the crisis mode of operating to think strategically. “This is a unique time not only to dust off the strategic plan, but to think about filling the gaps in the business”
How can leadership teams improve the odds of achieving long term strategic objectives in these challenging times? Peter Drucker said it best, “A time of turbulence is also one of great opportunity for those that can understand, accept, and exploit the new realities. One constant theme is, therefore, the need for decision makers in the individual enterprise to face up to reality and resist the temptation of what ‘everybody knows,’ the temptation of the certainties of yesterday, which are about to become the deleterious superstitions of tomorrow.”
What actions can be taken today to capitalize on future opportunities and mitigate risk.
Assess, identify, and act on external opportunities – Everyone is talking about the “New Normal” post-Covid. How will you successfully navigate through the ongoing uncertainty? What do these new developments mean for your business and your business model? What new strategies should you begin to work on today that will pay off in the future?
Assess and act on internal business improvements – As our friends at Carter Morse & Ramsey stated, “organic growth and incremental change is often not sufficiently transformational.” There is no better time for middle market business leaders to dig deep and challenge the status quo. It is an opportune time to make transformational changes to the business structure.
Hopefully, you have already dusted off your strategic plan and begun the process of refreshing your strategy to understand, adapt and exploit the new realities post-Covid. Hopefully, the strategic choices you have made or are planning to make are truly transformational for the long-term success of the business, your family and those of your employees.
At Albu Consulting, we are entirely focused on helping middle market private companies develop and execute transformational strategies. Are you having the kind of strategic discussions that will refresh your strategy to adapt to the post-Covid world? We welcome any comments and questions you have and please feel free to forward this article to your friends and associates as you see fit.
Dick Albu, President & Founder RAlbu@albuconsulting.com
Rob Krist, Managing Director RKrist@albuconsulting.com