Times are always changing. Lately, it feels like that is true in a way that no-one would have ever expected. So much has happened and so much has changed during the first quarter of 2020 that it is only prudent to take dedicated time to truly assess where your organization stands today. I’m fairly certain that the last time any organization did their SWOT analysis or updated their Strategic Plan, that a pandemic wasn’t something accounted for in the process. That being said, it’s time to do just that!
What has this pandemic done to your organization’s financial stability? Has it put your organization in hyper-growth and over-drive mode or are you concerned about making the next payroll? How has this changed your current target audience and how will it change your target audience moving forward? Will you need to change or modify services, programming, goods or products? Does the organization have the right expertise in the current staff to make the changes necessary? How adaptable is your current business model? Does the business now require a new organizational design? These are just a few of the many questions that need answered as leaders plot out the futures of their organizations.
When I think of companies who have successfully re-positioned, re-branded or re-invented themselves the one that first comes to my mind is Netflix. I can’t help but immediately compare the Netflix transformation to the lack of reinvention by Blockbuster. The slowness of Blockbuster to react and respond to the changes around them ultimately destroyed a company that was once valued at almost $6 billion. Many other companies have successfully re-invented themselves including big names like Amazon, Legos, Barbie and National Geographic. Innovation, calculated good decisions, and speed to implementing change are just a few of the necessary qualities in a transformation.
Historically it has always been critical that organizations remain acutely aware of potential external threats to their success. It is one of the many reasons that a solid SWOT analysis is an important part of the strategic planning process. Knowing the strengths of your organization and therefore your ability to mitigate threats is a key component to sustainable success.
Whether you are concerned with meeting the newly increased customer demand this pandemic has created or you are concerned with your organization’s ability to meet existing lender covenant requirements; be sure to dedicate sufficient time and resources to making strategic decisions for the planning and forecasting of your organization’s future.