As we start a new year, many of us look back and reflect on the previous 12 months and look ahead to what the next 12 might bring. Let’s not sugarcoat it – we’re in the midst of tough economic uncertainty, and our organisations have to step up if they are to not just survive, but thrive in 2023 and beyond.
Here are three ways to do that:
1. Innovate before we stagnate: The past few years have caused massive shifts in consumer behaviour and changes in the business environment. I read somewhere that 70% of consumers have changed their shopping habits and 50% of small businesses pivoted their business model as a result.
What can we learn from them? This is a great opportunity to get creative and develop new products and services, and to find better ways to reach our customers. This will require us to embrace new structures, delivery operating models, and ways of working; those suited to the world we live in today, not from 100 years ago. If you haven’t already started, 2023 is the year to step up your innovation game or risk stagnating.
2. Cut fat not organisational muscle: In economic uncertainty our customers tighten their purse strings, so it’s critical we reduce operating costs and free up cash to keeping things running. But this can’t come at the cost of not being able to fuel growth.
Several studies of the 2008 downturn show that companies who became lean but responsive to opportunity outperformed those that made sweeping cuts that ran too deep. But how do we know what work delivers outcomes that matter versus what doesn’t and consumes valuable time, budget and attention? A lean, enterprise portfolio enables us to have that visibility so we can make better investment decisions, eliminate non-essential activities, and maximise value delivery. If you sometimes feel you can’t see the wood for the trees, a lean portfolio strategy is an absolute must for your 2023 plans.
3. Empower and enable our employees: This requires more than just training and development opportunities, implementing flexible work arrangements, or offering perks and benefits. Our people need to be better engaged through the work they do. Research and experience show that organisations that do so enjoy increased employee engagement, improved performance, better retention, and enhanced reputation with the talent they are trying to attract.
Enable and empower your employees to innovate, deliver change, and develop new ways of working if you want to improve morale, boost productivity, and create a positive work culture. Consider running internal hackathons or embracing Mission-based work as a way to do this.
So, let’s try not to get caught up in all the doom and gloom news about recession. Instead, let’s embrace innovation, streamline and focus our investments, and engage our employees through meaningful work. Take action today to set your organisation up for a successful 2023.
Say hi and get in touch to learn how.
“The only limit to our realisation of tomorrow will be our doubts of today.”
Franklin D. Roosevelt