We're all looking for ways to thrive in the new normal. COVID-19 has taught us some tough lessons and with this in mind, we are gathering strength to thrive and innovate in this new environment.
In talking with business leaders, 3 qualities emerge that will shape a successful 2021 and beyond. These are: agility, innovation, and efficiency.
Whether you are new to business, bouncing back from last year, or an experienced pro, these qualities can help you reset your franchise business with maximum resilience.
Let's explore how this can help you succeed.
Building Business Agility
Agility is a state of mind and a state of actively working with accurate data. The real benefits for leaders is to be able to adapt, pivot, and integrate real-time data. Naturally accuracy is key to master data management.
Without accurate data, you're basically making decisions on fluff. Think of it like measuring yourself on a faulty scale. You might freak out if the scale reads 50 pounds more than what you thought you weighed. But how silly would you feel if you found out that the setting was wrong - and you were really at your ideal weight?
This is the deal with data. You need to have accurate information, clean and organized data to make smart decisions.
When the data is accurate, relevant, and timely, you are in the best position to make rapid adaptations. You might spot an opportunity to partner with a non-competing business and serve your target market in new ways. Perhaps you will notice a trend that helps you respond proactively and avert a supply-chain disruption. Maybe you will see from the data that a new niche is emerging in a certain location or population.
With the right data management, you can be prepared to take advantage of opportunities, manage risks, and avoid risky decisions.
Igniting Innovation
Innovation is transforming the business landscape. Many companies are emerging that cross traditional lines and industries. We're seeing innovation, and especially digital innovation transform the ways we think, work, play, and live.
Just consider how much people are using Zoom to connect, work from home, and stay in touch with friends and family. Look at how remote working has altered the landscape for entrepreneurs, business employees, and leaders. Many business experts believe that our new normal will continue to feature virtual working.
With this in mind, it's no wonder that we need to have the right tools, mindset, and skill set for innovating.
And it's not just the kind of thing to do as a solo hero or heroine. Innovating is the result of contact, dialogue, and collaboration. If you're working with a team, you'll see from the data that ideas emerge after talking with your peers, discussing a rough idea, and brainstorming informally. While remote working has altered our daily life, it has also encouraged creative teams to find new ways to stay connected.
Driving Efficiency
Do you wonder how to cut costs, save time, and save money? It's what keeps many business owners, leaders, and managers up at night.
We're all looking for ways to drive efficiency. But the answer is never: work harder. The answer is much more accurately: work smarter.
Mastering data management is the big trend for the future. Data is informing all kinds of strategic decisions. In the global organizations, big data investments are seen as an absolute necessity. In smaller companies, some leaders wait, as if hoping for something better to come along.
But the reality is: systems for managing data are the answer for driving efficiency. There's just no way you can keep track of your customer's data. You need to have a comprehensive platform to manage all the details, changing data, user information, security protocols, customer, product, and process data.
While the upfront costs may seem high, it helps to compare the numbers to an entirely different set of coordinates. How much will you lose if you don't have the right information? How much will you lose in opportunity cost - going down a wrong road instead of a right one?
Having the right data is the key to managing your business with confidence. With a holistic and comprehensive view, you'll know exactly what is going on-and where the opportunities lie.
