Raise your hand if 2020 has resulted in changes to your company’s business model. Probably all of us.
In today's post, we examine a few common changes for businesses and pose some questions about the additional considerations - the ripple effects - of each:
Sales & Marketing
Has Covid moved transactions to an online sales platform? Did you update your terms and conditions of sale and related risk management components as well? Did you speak with your accountant about web sales tax collection & remittance?
It is a safe assumption that the number of business cards you’ve handed out has declined. What updates have you made to your marketing strategy this year to reflect changes in customer behavior?
Covid opened up new markets and created surging demand for some products. For some companies it created the opportunity to launch new products. Have you taken the time to fully evaluate and understand those new customer segments or the potential market for that new product? Or are you still in reaction mode right now?
Risk & Compliance
Huge questions remain around Work From Home, and how it will continue to unfold. But as many companies move from a central office to home-based work, there are potential tax and other compliance considerations when people are working in different cities or even counties. Are you working with your advisors to evaluate your options and select the best strategy?
Sticking with work from home: Do you handle sensitive or proprietary data? Is your cybersecurity set up for a work from home environment? What has been digitized since Covid, and is it sufficiently protected by good company protocols and the necessary IT infrastructure?
Not all businesses can operate online or provide a work from home option. If this applies to you, are you watching the various agencies, industry groups, and legislation that could impact Employer Liability when your business eventually reopens?
Are your form contracts suitable for the current commercial environment? Again, drawing attention to your terms and conditions. These are the first line of protection for your business. They should accurately reflect your commercial behavior and support your desired commercial outcomes.
Similarly, has your procurement behavior changed? Did those contracts get updated?
Organizational Structure & Priorities
Many companies have undergone staffing changes or restructuring, and more will follow. This demands a new organizational chart be created and communicated to the teams involved. As workflow changed and tasks shifted, is your organization still working cohesively or has it become more disjointed? How can you get back on track?
In short, if any aspect of business activity has changed you need to address it directly, and also address the ripple effects created throughout your organization.
Agile leaders that adapt quickly and thoroughly are the ones who get ahead, and stay ahead, of the competition.
This is what we do. We help leaders gain perspective and explore new strategic options that can reduce risk, increase efficiency, or raise growth trajectories for companies and leaders.
How can we make the road a little bit less bumpy for you?
About the Author:
Matt Beckmann is the Founder & Managing Director of Ascent Consultants. In addition to experience as a former Chief of Staff to the Missouri Auditor and as a Corporate Vice President and General Counsel, he has advanced training and certifications in law, business, coaching, athletics, and other disciplines. His blog content, inspired by his deep passion for unlocking his reader's best potential, consistently equips business owners and individuals with the knowledge and resources to overcome obstacles that may be hindering growth.
Ascent Consultants provides business and project management consulting services, and executive and leadership development coaching. By converting client growth goals into an actionable "game plan," we lead companies and individuals to extraordinary outcomes.
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