The world has changed substantially over the past couple of years. The arrival of COVID-19 has altered how businesses operate, and even though there are vaccines available, companies want to know what they can do to come out stronger than they were before.
During the height of the pandemic, many companies modified the way they conducted business because they had no other choice. They were essentially in survival mode. What successful companies found was that they were more flexible than they initially thought. They were able to make fast and purposeful changes that helped them continue to operate, even if it was in a different capacity. They were able to do it without the typical slowdown caused by internal bureaucracy.
Companies want to continue using the types of strategies they employed during the pandemic because they worked so well. They want to be ready for anything that the future might hold.
There are nine essential traits that your company needs to embrace or develop if you hope to succeed. Let’s get a closer look at each of these traits
Purpose Is Essential
You need to know and understand the purpose of your company. What is the main reason that the business exists, what is the goal of the company beyond just making a profit? When you and all of the employees have a focused objective, they are far more likely to be engaged. Employee engagement means that they are happier in their roles, more productive, and more motivated to see the company succeed and reach those goals.
You Need a Clear Value Agenda
How does your company create value? Unfortunately, many companies have problems answering this question. They don’t know how they are creating value in their organization, where it’s created, or why. Without this basic knowledge, they can’t place the right people in the right roles to ensure that they have the best effect on the company.
Take time to understand the company’s value agenda. When you do, it becomes easier to allocate the best talent in ways that allow for value to continue being created. You can provide value that is different from the competition, providing more benefits to your customers.
The Right Company Culture
How do you do things at your organization? This is a major part of the company culture. Everyone in the company should be following the company culture that you’ve curated. The company culture should be clear, and it should be evident during employee onboarding and through the observable behaviors of others at the company. This is true from the heads of the company to the newest employees, no matter their role in the business.
A Connected, Helpful Company Structure
No one likes micromanagers, but they tend to play a major role in many businesses, often because of the way the company is structured. Companies will often have a hierarchy that is adhered to with everyone on a different level. This is not necessarily sustainable or good practice, though.
Instead, it is often easier to create a network of teams where people feel better about their roles. It can help the employees by providing them with more autonomy and greater responsibilities. Those “micromanagers” can still be useful. They might be better at being coaches to those who need some added training and guidance.
One of the keys to success, especially during the pandemic, was the ability to make fast decisions. Companies that want to be future-ready need to ensure they have systems in place that will make it possible to continue making fast decisions.
It’s possible to speed up decisions by separating them among the top leaders in the company, teams, and individuals. It’s even possible to allow algorithms to make certain decisions. By delegating certain decisions across the levels, it can often allow for better, faster decisions to be made.
Development of Talent
Having the right talent on the team is essential. Finding and keeping the best talent can be difficult, so it needs to be a major part of the business strategy. The best way to get talent is to create a company that can attract it.
This means creating an inclusive and diverse environment where advancement is possible. Creating a great work environment will get attention from the best talent in the field, and it will keep your best and brightest in the company for many years to come.
Strong Partner Networks
Organizations that thrive will have networks of external partners. You want to create relationships with external partners that are mutually dependent. They should need you as much as you need them. Work to expand the value that you share.
Treat those partners as extensions of your companies. Having good working relationships with these other companies can help to provide you with more security in the future because you rely on and can help one another.
Data is more important for businesses than it has ever been. You need to have a good approach to how you collect and maintain data. In some cases, this might mean redesigning your data governance. You may need to add new technology, such as modular applications, to help with data collection, storage, and analysis. The cloud is making it easier and more affordable for companies to get a better handle on their data needs.
Learning is important for any organization that wants to thrive and grow. Everyone in the company, regardless of their role, should have a growth and learning mindset. Provide ways for employees to learn new skills and to take on new jobs in the company. Allow them to reinvent their role. Individual, team, and organizational learning are all essential. Provide the opportunities to learn and experience the benefits it can offer.
Each of the characteristics discussed above is essential for a company to thrive today and going forward. They answer the questions of who the business is, how it operates, and how it will grow. By understanding and implementing these traits, companies can ensure they have the best possible chance for survival.