Are you hoping 2021 will get you back to where you were before the pandemic? If so, you might be setting yourself up for failure. When I look back on 2020, I see more than a challenging year that caused devastation for many people on a personal level. I see a world that has gone through tremendous change. We all know that change is never easy; however, we would never reach higher levels without it. Forget about where you were before and start thinking about where you want to be in the post-pandemic world. As you look forward, consider making a list of these areas to help create your 2021 and beyond vision.
· What are my real competitive advantages? (People, Location, Equipment, Quality, etc.)
· What makes them advantages? (Experience, Leadership, Low cost, Lack of competition, State of the art equipment)
· How has the pandemic impacted these advantages? (Loss of experienced people, Price of goods increased, Competitors out of business, Equipment underutilized)
Very few of us have a competitive advantage in business because we have a unique product or service. The truth is that most products are available in equal quality from multiple places at various price points. If you want to reach a higher level of success, reflect on your list, and figure out how you can increase your competitive advantage. In 2009, many companies invested in technology and equipment because of low-cost offers coming out of the 2008 economic crash. That strategy may have looked good on paper for a quick return on investment; however, I have always been a firm believer that it is better to invest in people if you are looking for long-term success. It is no secret that customers buy from people they can trust. Trust is part of good company culture, and people make up your company culture. Have you thought or even asked your employees what you can do to improve the culture to make your business more competitive? With excellent leadership, people can reach higher than where they were pre-pandemic. Are you doing everything you can to foster great leaders in your organization?
No matter what your list entails, take time to communicate your vision to your team, and provide them with the means to follow you to successfully achieving your desired business results.
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