What are the right questions to consider for planning for growth in this emerging “new normal?”
In our town hall / professional issues updates, we shared some of the latest global research and thinking about how to plan for the “new normal.” One report that had some great questions to start your thinking is the Ernst & Young report, Planning for Growth: Embracing the New Normal. They had seven questions and I added an eighth:
- How far has your company accepted that “business as usual” is no longer an option?
- How are you dealing with the shift of power to new economic giants such as China?
- Are you prepared for increasing regulation in your sector?
- Do you have a strategy for national or international growth through acquisition?
- What are your plans to reduce costs and increase efficiency?
- Is risk management playing a more important role in your corporate strategy?
- How do you balance customer satisfaction against corporate profitability during an economic downturn?
- How does your business model need to change to respond to the “new normal?”
What is the most important “core competency” for the “new normal”?
A-G-I-L-I-T-Y above all else (emphasis added).
They go on to define that with two critical factors:
- The speed with which a business can respond to both opportunities and threats.
- The built-in flexibility that allows for quick responses.
What are your powerful questions for the New Year?
For more about the future, see Bill's earlier post Business in 2020: All social all the time.
Join us for a look into the future with the fourth annual First Friday Economic Outlook Forum webcast on Jan. 7 from 11 a.m. to 3 p.m. ET, featuring several prominent economists and the latest views on the economic outlook. The webcast is presented in conjunction with the Maryland Bankers Association and the Maryland Chamber of Commerce. It's good for four hours of CPE. Click here to register.