The year 2020 - by virtue of the number - has caused many in business to pause and consider how best to clarify their vision for achieving greater returns in the New Year. With the many challenges facing today’s small and medium-sized enterprises, there are still great opportunities for expansion, increasing market share and making a greater impact in the lives of Bahamians and the community at large.
Today, we stop by the company optometrist for the annual vision test. The question we ask, and attempt to answer, is simply: What must we do differently in 2020 to maximise returns on our investments?
Focus on these seven points:
1. Focus on Technology
Simply moving with the times means gaining a deeper understanding of how technology advances your business. You do not need two or three technology geniuses around your business but, rather, the entire company operating at an above-average level in technological proficiencies. Bring in the consultants, or use the technology gurus in your company, to coach the weaker ones towards this goal for the first quarter. You will not regret it.
2. Focus on Leadership
Fortune 100 companies all agree that the single most critical component in company growth is leadership. More crucial than firing all the weaklings at the bottom of the food chain is losing or terminating the threatening and nasty manager/director/vice-president. The toxic vibes that some leaders bring into the workplace is more damaging than any computer glitch, cyber attack or accounting error. Find empowering leaders who can celebrate and promote the success of other leaders.
3. Focus on your Vision
Since 20/20 is all about vision, sharpening your company’s view for this new decade may not be a bad idea. Get some help drafting a new and clearer vision for the organisation. While you are at it, tidy up the mission statement, core values and company objectives. More important than drafting these statements is the communication plan that ensures every team member understands their role in making the vision, mission and values come to life.
4. Focus on your policies
The year 2020 might be a good time to clean up the employee manual. The policies and procedures that may be outdated, particularly regarding how you do business, should be revised. Do not be afraid to throw antiquated ideas out the window. Convince yourself change is good.
5. Focus on the internal customer
One of your top priorities this year must be a development and recognition plan for your most valuable players (MVPs) - your employees. Bonuses, merit increases, additional benefits, rewards programmes, public share offerings or anything else that might give them that extra boost. Your workers are worth it. Say it…Mean it…Live it.
6. Focus on the faithful customer
Since you spend four times’ more in marketing to get a new customer, why not spend a little of it on keeping your existing ones? Frequent customer incentives with discount cards, and consistent customer specials, work wonders in letting your loyal customers know they are valued and appreciated.
7. Focus on corporate social responsibility
This is the year to do more, and to be deliberate in impacting the world around you. Sharpen your commitment to youth and the environment through corporate social responsibility programmes that give back. Every religious and philosophical thought agrees on the point that when we sow good seed, we reap a positive harvest. Our nation and generations of Bahamians yet unborn will thank you.
Wishing you a brighter and blessed 2020.
• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.
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