Flexibility to Change

by Jordan-Ann Powell | Oct 31, 2023

Changes to business strategy can be influenced by both internal and external factors, and surprise, surprise – there have definitely been external market factors this year. 

Changing course any time of year requires humility and resilience, but if your key measurables are off track, it’s time to look at what you’re doing and make changes. We meet with business leaders every quarter – the questions below are what we ask to determine if and what needs changing: 

Is Our Current Strategy Achieving Desired Results?

• Are we meeting our financial and growth targets?
• Is our market share increasing or at least stable?
• Are customer satisfaction and loyalty levels where we want them to be?
• Are we effectively managing our costs and resources?

Are There Changes in the Business Environment?

• Have there been significant shifts in market trends or customer preferences?
• Are new competitors or disruptive technologies entering the market?
• Are there regulatory changes that impact our industry?
• Have there been economic or geopolitical shifts affecting our business?

Are We Leveraging Our Core Competencies and Resources Effectively?

• Are we making the most of our strengths and core competencies?
• Are there underutilized resources or capabilities within the organization?
• Are there opportunities to diversify or expand into related markets?

These questions are a starting point but can help define the direction for what should change in your strategy. You could make the shift to focus on growing existing accounts or pulling paid spend to focus on a specific segment that’s most likely to convert. 

Take courage, ask the questions, and make the needed shifts.