By D. Connie Garzon – M.B.A., C.B.A.
We are emerging from the COVID-19 pandemic which, in my opinion, allowed the world to enter a more sophisticated technology era of digital transformation. My question to business owners and entrepreneurs is: Are you aligned with it? If not, it is time to work on your digital transformation strategy; otherwise, the rapid technology change is going to take you out of the market.
Here are some tips to consider:
- Are you allowing your employees to work from home? The pandemic proved that most institutions could operate remotely if you have a computer, phone, and an internet connection. Today’s executives like this flexibility, especially when they have very stressful work to do. Such flexibility gives the individual the ability to be motivated and to give their best to your organization. The number of companies that are attracting great employees when they promote this flexibility is impressive. So, watch out if your organization lacks this flexibility because you may lose your top talent.
- Can your customers buy your products online? In today’s economy, we must see the world as your total available market. This requires a marketing strategy with no borders. Existing businesses must review their business model and find a new one that can allow them to serve the world. This strategy requires not only a digital strategy but also logistics. The CEOs and the CTOs must speak the same language and invite the sales team to be part of the conversations, especially when reaching international markets.
- Are you ready for the risk associated with taking your company to the next level? Working from home and selling products around the world requires the business to have VPN capabilities to manage internal and external data, especially when taking online payments. So, your digital transformation strategy must include a risk management item. Cyberattacks are getting out of control, so it is a perfect time to start interviewing firms that can help your company to be on top when it comes to cybersecurity.
- Finally, while you work on the digital transformation strategy, particularly during this time in US history, do you know how to manage inflation risk? If not, I invite you to think about the following:
- Have you identified where to cut expenses?
- Is your company in good standing to apply for lines of credit or loans?
- Can you increase the prices without affecting your customer relationships?
- Do you have working capital?
- How is your relationship with your suppliers?
- Do you have customer relationship strategies?
- Do you have loyal employees that can afford salary reductions for a while?
I hope this gives you some mindful insights into what to work on during the rest of the year 2022.
May 2023 be your best year ever!