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“Everyone has a plan until they get slapped in the face,” said Mike Tyson. Today the blow is called COVID-19, which has fundamentally changed our business processes, says Fabrice Serfati, managing director of the IGNIA fund.
During your live class: “The importance of a solid business strategy when the world changes,” organized by e IEBS through the initiative HomeSchoolSerfati explained that, as in the boxing world and in business, everyone should have a strategy that includes an action plan in the crisis.
What do we mean when we talk about a strategy? About this plan, which helps us manage our resources and see what measures will take us ahead of our competitors.
To develop this strategy, we have to ask three questions:
Why I do what I do. It is our motivation, the glue, that helps us to communicate better with our customers or employees.
What am I doing It relates to the tactical part, how we put together the way of working and the structure of the company, what the internal processes look like, how we touch our customers and receive feedback.
How do I do that? These are the results that I get with the implementation of the strategies that I have implemented. It is something that we need to review regularly to make it clear what we can improve.
At the end of the day, before or after COVID-19, the customer determines what the product is and how it should look.
“”A plan is perfect when it’s written, but things are never the way we think“Warns Serfati.” Today we do not need a map in this world, but a navigator that takes us from point A to point B, ie a GPS that recalculates with real data on the way. “
And it explains that the world is not currently moving in terms of photos, but as a film that is constantly moving and changing. “The entrepreneur or manager has to react agile to the various changes that are presented to him,” he emphasizes.
The managing director of the IGNIA fund points out that the health crisis triggered by COVID-19 has led us to change the way we work and to develop a new strategy. What do we need to put it together? The following components.
- Data. Help us understand how our business works. How much does a customer cost me, how much does he buy me, what is my competition and above all do we understand our customers very well.
- Information about how my team is doing. How is and with what talent do I count, how are the processes carried out in the company, what is done by whom and with what, how much commitment in the team and what capacities.
- Feedback and transparency. We have to leave people alone. Make it clear that you can tell us what works and what doesn’t. So see what you can do better.
Organizations that cannot tell their boss that their idea was not a good one will die, Serfati warns.
What do I do with the data?
Really improve what’s important. Invest in the rapid growth of key features and don’t try to improve everything.
Understand the bottom of the market. It’s not so much about where you play, it’s about being the best player you choose.
Focus is important. Focus!
The ability to learn and adapt quickly. Trial and error, learn from product cycles to consider what gives us a competitive advantage and discard what doesn’t.
You cannot win on the outside if you lose on the inside. A culture of transparency that fosters trust and experience is essential.
Adjust or die
The reasons why companies fail are not because they don’t strive to improve, but because they don’t ask the right questions and are unwilling to adapt in uncertain times. As a result, they do not survive. Examples of companies that have not adapted: Brothers Lehman, Kodak, Black Berry and others
Not understanding the market, not seeing the changes that are coming and ceasing to innovate is not optional. The speed of change is even more relevant in times of crisis. The world will not be the same after the crisis. You should consider rethinking the basics of a business and adapting to the new normal.
We invite you to take the Fabrice Serfati class contained in this article. You will learn in it Which parts of your current business strategy do you have to defend to get out of the crisis and which should be more flexible?
Don’t forget to attend the following entrepreneur homeschool sessions. They are Monday to Friday at 1 p.m. Subscribe for free here