2020 has come and gone; a very challenging year for everyone. For businesses, however, it was a mixed bag as social distancing measures severely impacted a number of industries, particularly, hospitality, leisure and tourism. On the other hand, demand for household & electrical goods, digital & technology solutions, furniture & home improvement, was good, reflecting some consumers spending accumulated savings or substituting away from spending on socialising.
As we launch, unarguably, the most ambitious global vaccination campaign ever, over the next 4-6 months, the global economy is predicted to progress through 2021 at a subdued growth rate and very likely accelerating at a brisk pace in the second half, if the vaccination programme goes well.
Here are just 3 areas I believe businesses should consider early:
Agree a clear definition of success
Certainly, a well-known principle by executives. Whatever you believe is success for your business should be realistic as well as inspiring. Your team should connect to it early. Milestones are important for you, for team members and of course, other stakeholders.
Read Also: Saving accounts opened by financial institutions increase by 16.85% in one year
The environment remains dynamic and largely unpredictable, therefore, retain the flexibility that made you survive 2020 – focus on value – and incorporate that thinking into your definition of what good looks like.
Set up team for daily grind
Replace the 1-hour weekly update meetings with daily Scrums of 10 – 15 minutes. This soon becomes a habit. Scrums are frequent quick meetings that help generate value through adaptive solutions for complex operational challenges. Agenda:
1. What I did to change the world yesterday? (or, what did I accomplish since the last Scrum?)
2. How I will crush it today? (or, what am I working on until the next meeting?)
3. How I will blast through obstacles unfortunate enough to be standing in my way? (or, what is getting in my way or keeping me from doing your job?)
4. Who can help me & what exactly do I require them to do?
Turn up on the Social Media scene
A recent study I came across concludes that a whopping 71% of consumers use social media as a reference before considering buying a product or calling up a service. Businesses that were expected to (but didn’t) practice ‘Social listening’ or show enough ‘Corporate Social Activism’ during the global ‘Black Lives Matter’, or the local ‘End Sars’ protests, suffered reputational damage. Nike’s proactive display of ‘Social Activism’, signing an endorsement deal with Colin Kaepernick, the African American activist who knelt during the US national anthem at the start of NFL games in protest of police brutality and racial inequality, for example, saw an immediate 31% increase in online sales.
Start Strong. Businesses that will thrive in 2021 are the ones whose definition of a successful year is flexible, yet, hard-wired into what value means for customers. They are the ones that will grind daily – not weekly, monthly or quarterly. Such businesses will take advantage of the opportunities social media presents to further engrain their brands in the mind of customers and potential ones.
Build on these 3 pillars early and thrive in 2021!
Look out for my next series, A Better Version of You, starting on the 28th January 2021
Views expressed in this article are personal and do not represent the views of any institution he is affiliated to.
About the Author:
Akin Monehin is a thought leader, speaker, and business strategist. A 2015 recipient of Choiseul Institut France’s Award of Top 100 African Business Leaders under 40 Years old, he hosts the thought leadership conversation on Youtube, “Make or Mar Moments with Monehin”. He is privileged to have worked in over 10 countries including French and Arabic speaking ones and in leading organisations like British Airways, Virgin Atlantic & Nigeria LNG Ltd. He currently works for an International Oil Company (IOC).
Akin can be reached on [email protected]
Views expressed in this article are personal and do not represent the views of any institution .
