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September 2020 #12254 Page #26
Developing Strategy When Faced with a Pandemic
O
ur roles as managers and owners sometimes feels as though we are constantly changing over the past several decades, but how we planned and strategized sped up dramatically after the 2008 global financial crisis. Managers who understood the need to be a strategic leader and a disruption navigator were a vital part in holding their company together during that tumultuous time — and helped build a foundation for future growth. Since then, the best leaders have been on the front lines of the business, embracing automation, transforming the organization digitally, accelerating innovation, and creating new revenue streams.
By Ben Hershey Solutions Provider & CEO 4Ward Solutions Group
When the COVID pandemic curveball first hit, it left even the most seasoned managers unmoored. But it didn’t take long for strategically minded owners and managers to begin drafting strategic plans for the remainder of 2020 — and sketching a road map for at least early 2021. Some managers and owners have been pushing through this uncertainty to embrace their strong, central role, alongside their peers, in stabilizing the business and positioning it to thrive when conditions improve. Today, they must continue to prepare for the future of work. Though 2020 has had a fair amount of uncertainty, we still need to navigate through these waters and plan. The 4Ward team is working with several customers right now in setting up a strategic plan for the future. Are you? Some companies are already in the midst or starting budgetary plans for 2021; but are they also taking the time to review their strategy?
Strategic Planning Strategic planning provides a road map to help your business get from where you are now to where you want to be. Milestones are expressed in specific terms, as quantifiable objectives that measure whether you’re proceeding as planned and, if not, how far you’ve gone off path. Many companies today use a model of strategic planning that reflects how planning was done many years ago and reinforces the widespread notion that planning is a big, complicated process. Nothing could be further from the truth. Like most management processes, it should be lean, structured, and thorough.
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