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High Hopes for the Road Ahead: Business Leaders Move Forward
Not surprisingly, the COVID-19 pandemic has sparked challenges that lead to a more cautious economic outlook among business leaders. But these same leaders, surveyed in late January, are optimistic that things will improve over the next six months, particularly when it comes to the U.S economy and their own businesses’ health. And to further their carefully considered strategic goals, they are investing in new technologies and employee training.
Truist’s annual Business Pulse surveys leaders at more than 600 companies with annual revenue between $2 million and $500 million. The participating businesses vary in structure, with 34% being traditional brick and mortar, 33% “click” and mortar, 26% internet-based, and 8% other.
Time to Hit the Strategic Reset Button
Set your sights on the next opportunities
Businesses have wrestled with more changes in the 2020 pandemic than some have seen in many years. The effect has been uneven across the business community with some businesses seeing a boost, others contracting, and everything in between.
The impact of the pandemic may have been disparate, but the opportunity for a strategic reset to guide the recovery is universal. Rebuilding won’t be straightforward as leaders grapple with transformed customer buying journeys; remote, distanced operations; and a volatile economic environment. Add to that the pandemic-driven acceleration of everything virtual or digital, and it’s clear leaders need to prepare for a host of new challenges and opportunities.
Reappraise Risks for 2021
2020 forced many companies to make quick changes in sales, customer service, operations, and business management. Some businesses are still adjusting to these changes, while others are using this time to reset their strategy for emerging opportunities in a changing world. What about new risks? With cash reserves stretched, the looming threat of additional business changes, and an economy that’s struggling to regain its footing, risk exposure can’t be ignored.
Work venue changes
The workplace has been directly affected by the disruption of COVID-19. Leaders and staff have learned to work from home, trading commutes for makeshift home offices, virtual meetings, and remote technologies. Working from home poses added risks and exposure for businesses and their assets.