The Research is In – Don’t Ignore It
The world around us is rapidly changing, and everyone is trying to make accurate predictions to adjust accordingly. A new report just published, Vistage CEO Predictions Report for 2022, can help lend light to the challenges businesses face and how to adapt for success. Every business owner should study these findings to understand the current issues and build a strategy based on the newest data.
The study found these areas the most pressing issues for 2022:
The Great Recession
The number one area that poses a challenge for businesses in 2022 is, with no surprise, the great recession, reorganization, the great upgrade – call it whatever you want – this ranks number one across the board, and everyone is having to adjust to it. This problem can seem overwhelming to adjust to, but when we dig a little deeper in the study, we realize that there are different pieces we can align to adapt to this new, changing world.
Product and Pricing
The second most pressing current issue for CEOs is product and pricing. In my 5 Star Success Blueprint, this is actually the second piece I stress; number one is the idea, and next comes the offer. In our current climate, it is imperative that you understand how you are adjusting your products and pricing to manage this changing marketplace.
Performance Management and HR
One of the most significant changes we have seen in the past two years is the shift in recruiting and retaining talent. People clearly have different ideas and opinions on navigating this portion of the world of work — What do we see? How do we need to treat our employees? Are we giving them the recognition they deserve? This is not a fleeting issue; it is absolutely here to stay, and business leaders must have a plan for performance management and HR structures.
Market development is the area that feels like you need to be a wizard with a crystal ball to figure out where the world and business are going because no one knows! To succeed, you must know where your ship is headed and keep it firmly on the correct course, headed in the right direction. There has never been a more critical time for business owners, founders, entrepreneurs, or those with a side hustle to know where they want to steer their ship.
Strategic Planning and Growth
With strategy being my area of expertise, I was pleased yet not surprised to see it identified as a top area of importance in 2022. In a time of rapid change and uncertainty, a focus on strategy and growth cannot be overlooked.
Use Strategy To Grow
When I go into an organization, I apply my 5 Star Success Blueprint to help leaders understand where they are in the process, and the sequential steps for success – Number one is the idea, then comes the offer, followed by the system, the team, and lastly the leader – in that order. We typically find that within those five pieces, something is not aligned or lacks strength, and that is where we begin to make the changes and realignment. And just like the research indicates, now is a critical time to understand that overall strategy connects all of the pieces of your business.
People often tell you to focus on doing one thing right, and then everything will magically fall into place – as a business owner, you know that that is not true. You must implement a series of different pieces, optimally aligned, for your business to run effectively. With the Vistage research indicating strategic planning and growth as critical, you need to evaluate your business strategy and determine the strategic planning you need to incorporate to move your business growth forward.
Implement One Strategy Per Quarter
Now is the time to revisit your idea, offer, system, team, and leadership to determine your strengths and weaknesses and see if you might be dropping the ball in any area. Once you know where you need to work, figure out the strategies to implement that will rectify your weaknesses and implement one strategy per quarter – never all at the same time. Focus on that one strategy and then move on to the next. Stop trying to boil the ocean because it is useless. One strategy at a time is where you will find success.
At the Growth Architect, my goal is to help you develop a business strategy that will give you the map you need for success in this changing environment. If you want to learn more about predicting for success and building a strategy for growth, then watch my video, and contact me when you are ready to create your growth strategy.
Beate Chelette is The Growth Architect & Founder of The Women’s Code, a training company specialized in providing companies an ROI on Balanced Leadership. She has been named one of 50 must-follow women entrepreneurs by the Huffington Post. A first-generation immigrant who found herself $135,000 in debt as a single parent, she bootstrapped her passion for photography into a highly successful global business and eventually sold it to Bill Gates in a multimillion-dollar deal.
Beate works with business leaders and supports organizations by developing and providing training the training, tools, and expertise to create and maintain a balanced, equal, and inclusive work environment that fosters creativity, employee engagement, and corporate growth.
Recent clients include Merck, Women’s Legislative Caucus of California, Cal State University Dominguez Hills, Small Business Development Centers (SBDC), NFTE, CreativeLive, the Association of Corporate Growth, and TracyLocke.
Beate is the author of the #1 International Amazon Bestseller “Happy Woman Happy World – How to Go From Overwhelmed to Awesome” a book that corporate trainer and best-selling author Brian Tracy calls “a handbook for every woman who wants health, success and a fulfilling career.
To book Beate to speak or train please connect here. Your Time Is Valuable!