COVID has brought about a number of challenges for business owners not least, the extended period in which many businesses have been financially impacted.
For those who have survived an economically precarious two years are now hoping for stable ground and a return to a pre-COVID landscape. The reality is, COVID has brought about (both positive and negative) a new way of doing business and to remain competitive and engage in growth activity, businesses need to review their policies and procedures to meet a new, and perhaps, demanding market.
To remain competitive, businesses will need to overhaul a number of practices and growth strategies. Below are three components that business owners need to consider:
- Adequate social and governance practises
Hiring of staff has been challenging for businesses in all sectors. Adequate compensation, development opportunities and demonstrated flexibility, diversity and equity policies are now a requirement for staff retention.
To stay competitive business owners must be accountable to all stakeholders and further, be transparent on diversity policies, compensation, financial reporting and contributions to the community.
Can you articulate your company’s purpose? Can you demonstrate how it’s actually being implemented, and the positive difference it is creating?
Research indicates that top performing talent are three times more likely to work for a company with a strong sense of purpose, while 40% of consumers are purpose-driven and make buying decisions based on their values. Those consumers will look into who their brands do business with. Yet a staggering amount of organisations are falling short with either inadequate policies, or promises they aren’t living up to.
With the Great Resignation, 2022 is set to be a year of reckoning for many businesses.
Innovation is key to any growth strategy whether by changes to technology, streamlining processes and procedures and reviewing all the methods by which businesses operate.
As technology enhances the performance and efficiency of businesses, and managerial tasks are becoming more automated, businesses need to invest resources into the human traits that technology cannot replicate, like cultivating connection, empathy, relationship-building and authenticity.
With hybrid and remote working models here to stay, the need for efficient communication systems, effective workflow strategies and productive manager-employee relationships is more prevalent than ever. Digital advancements are vital, but the need for innovation is paramount.