5 strategic moves to make for a successful 2023
The last two years had the world throwing an array of curveballs that sent the retail sector into uncharted territory: because customer needs were constantly changing, brand strategy had to be adaptable and flexible.
Now, with the pandemic seemingly under control and the economy slowing down, being flexible just won’t cut it: a company’s ability to plan strategically will be the crucial factor for success.
To do this, company leaders must understand the challenges they face, and work fiercely and efficiently to meet these challenges head-on. Here are five strategic moves to make towards a successful 2023:
- Stay highly aligned, loosely coupled
Highly aligned brands are able to communicate overarching business goals and the ‘bigger picture’ to the business without having to micromanage everyone, giving leaders confidence that the wider team is working towards the same goal.
2. Adopt an agile mindset
Agile is an iterative approach to processes that helps teams get better results, faster. Teams with an agile mindset are focused on speed and flexibility, accepting uncertainty as a given. They value responding to change over having a plan.
Recently we’ve seen a large jump in the number of Aussie retailers embracing agile as a way of working, striving to bring people, processes, technology, and tasks together when delivering a project.
3. Work like a network
Generally speaking, most retailers are set up as a network; there’s a central head office and then tens or hundreds of stores across a wider network. Part of the challenge when managing this network is to have everything working in alignment: from the customer experience to visual merchandising to the training of store associates.
To keep this network aligned and efficient, and to allow a network environment to thrive, strategy plays an integral role. Using a shared work operations system, like monday.com, as one source of truth can keep the whole network connected, creating a feedback loop to ensure changes are implemented at all levels, at the speed of business.
4. Move toward digital transformation
According to a McKinsey Global Survey of executives, companies have accelerated the digitisation of their customer and supply-chain interactions and of their internal operations by three to four years, reducing time to market from ideation to completion and ensuring technology is fit for purpose to run the business.
Retail businesses need to continue leveraging this uplift in digital to improve how teams work and execute their overarching business strategy with no hiccups.
5. Remove information silos
Information silos are a major block to decision-making, hampering the opportunity for business growth. Information needs to easily pass between the many internal departments of organisations, and using an intuitive platform can help even technophobic team members get on board and communicate effectively to eliminate silos.
Work smarter, not harder, towards a unified goal
In today’s economic climate, it’s critical that retail teams are aligned and have visibility at all levels when rolling out a strategy. Team members should actively seek opportunities to make effective use of their time and resources, ensuring each department is working under a unified view to achieving a common goal.
Coupling this holistic approach of aligning the business with adopting a flexible and agile mindset will be what really sets retailers up for ongoing efficiency, profitability, and success. By doing so, retail businesses can then respond as quickly as the business demands while staying strategic and aligned.
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