Essential Traits for Successful Businesses in 2021
With 3 minutes to 2021, I reflect on the first year of Fortro and what businesses must do to succeed in 2021.
As a new business in January 2020, it was somewhat of a baptism of fire to carry out my first strategic review using Microsoft Teams (other video conferencing options available), 3 days into the first lockdown.
Jump to December 2020 and Fortro is operating digitally, with entrepreneurs who have an amazing idea and want to spend their time focusing on their product or service, letting me focus on the strategic and commercial viability.
2020 required fast-thinking and an ability to morph to meet the new challenges presented as a result of the pandemic. Fortro's core purpose has not changed, but how it delivers that core purpose has. It had to.
Through Strategic Mentoring, Fractional Board-Level Support and Collaboration I provide a modular approach to the needs of CEOs and Founders in managing growth and innovation within the organisation. In embracing the power of the external perspective, leaders, early-stage or diversifying businesses can give focus on the impact and the advantage their organisation brings to the market.
My approach to commerce has been one of a conscious, iterative process, encouraging participation and forward momentum. Businesses exist to be profitable but that doesn't mean they can't be entrepreneurial and impactful.
So what do businesses need to succeed in 2021?
Versatility - The plan may change but the goal should not. Review lessons learned this year. Where did your strengths show themselves. What worked? What didn't? In business, there is only learning and achieving, with the first leading to the second. Changing plans allows for a big-picture approach.
Adaptability - What did your clients tell you they needed this year? What did the market tell you it needed this year? Did you listen? How did you adapt to meet those needs? How did the clients adapt to the virtual experience? How do they want you to continue to deliver? From good listening, heart listening, comes the answers as to how to craft your offering for your clients, and prospects alike.
Agility - Being able to move nimbly, with ease, whilst maintaining your core strength, will enhance business performance leading to faster responses and a greater competitive advantage. Success comes from channelling your energy into the value you bring to your client and not focusing on what your contemporaries offer.
Flexibility - An often under-rated skill, having the capacity to be open to the possibility of change without collapse, will contribute to a better relationship with all your stakeholders. The ability to bend, be persuaded and change allows for greater fluidity of ideas and creative ways of doing business. In being more self-aware and conscious of decisions, opportunities open up as more prospective and existing clients look to work with businesses that are open to change without losing integrity.
Technology - Can you say your business is now technologically robust? If yes, then your business has a much greater opportunity to remain relevant in a world that will be rocked by pandemic v2, and Brexit, in 2021. The new evolution of commerce is here and requires a digital approach, with the ability to offer a hybrid experience where appropriate. From first meetings with clients to automating process, a streamlined, tech-savvy business allows its people to focus on being creative in delivery of and development of the client and stakeholder relationships. Technology also opens up new market opportunities in sectors previously considered beyond a business's reach, and eliminates geographical restrictions that previously hampered growth.
Resilience - Strength comes in many guises including resilience in leadership skills, operationally, financially, strategically and commercially. Great leaders recognise when to bring in additional resource at leadership level and when to give autonomy and knowledge to those around them. Bringing in external resource can be the best investment they make to help this happen, whether it be to secure success for a particular project or simply in recognising of the power of "the many" to allow for a gear change in progress.
For many, it has been, and continues to be a difficult time. As you consider the skills discussed above, and how you can use them to create your business strategy for 2021, you will naturally find there are many actions you can take to proactively address the challenges that lie ahead. In moving forward you will undoubtedly create more certainty and this will allow you to keep your business moving forward, and help you be the leader you always wanted for yourself.
Take very good care over the festive period, stay safe, stay strong and I look forward to talking with you in the New Year.