Ph.D. in Corporate Strategy on 2021
Dec 16, 2020 1:57 pm
I just asked a Ph.D. in Corporate Strategy what businesses should focus on for 2021.
The answer is, "Survival."
"Because survival prompts innovation. Necessity being the mother of invention and all that," he continued.
"For example... the restaurant down the road had to figure out a new way to package their to-go food because they can't do dine-in and they can't get a reliable supply of packaging.
They can't get packaging materials now because every restaurant in the western world has switched to take-out. Also, most stores have switched to eCommerce which requires packing materials.
You need to be thinking both up and down the value chain.
That means now the whole world is running short on packing materials and packaging materials. These are made of wood, so now the cost of lumber is increasing which increases the cost of other industries."
I asked, "So what you're saying is that takeout and eCommerce are driving up, for example, the cost of building new homes?"
You need to think about what affects your business but what also what affects all the other businesses in your supply chain, including your customers and their behavioral changes.
Businesses don't want to think about things until they have to, and often that is too late. If you can think about your customer's changing behavior and the effects on your supply chain, you can innovate or develop new strategies for survival in these unprecedented times."
* * *
So there you have it, folks.
It's time to think about your clients, prospects, and supply chain and try to determine what those changes mean.
A change in your strategy now could save your business in 2021.
Now go forth and plan your strategy.
P.S. Email marketing should be part of your plan. Our Inbox Mastery Course is discounted through the end of the year so you can get your 2021 started off with a bang instead of a whimper.