Reviewing strategy is second nature to those leaders who want to continue improving their performance in the marketplace. But sometimes coming in on or under budget while maintaining quality lulls us into a false sense of security as to whether our game is really as on point as it could be. Here are a few questions to ask yourself this year.
How are we handling risk? All industries come with a form of risk measurement specific to the field. But those threat assessments aren’t the only things a business needs to worry about. What regulation is coming your way that will change how you comply with federal law? How would your business handle the loss of key players in the organization? Are we training enough to handle the changing needs of our business?
Are our goals connected to our outcomes? Outcomes need to be positive, if you want your team to work toward them. But there also needs to be a clear line drawn between the goals for your team, the key players associated with those goals, and how the outcome will be measured. Is everyone onboard? What is the actual timeline?
Are we keeping up with our culture? Your needs have likely changed over time as a business. So have the needs of your industry. This is the time to address any issues such as legacy technology that may be holding you back from full production projections or costing more in the way of idle time than its really worth. Is an innovative equipment upgrade really a budget buster for you? With a cost-benefit analysis, you might find that new static mixer is not only cheaper in the long run, but shaves of precious energy costs as well, with less fouling and downtime for cleaning.
A strategy review when things are going well is not a waste of time – it is a form of insurance that can help you identify opportunities to strengthen and grow your market share and business. Find out how Komax can help you review your best practices and make a good thing great.