Members are well into strategic planning for 2022 and it feels good to be able to plan again. The new year is just around the corner and there are still a ton of challenges in the current environment. Here are some topics to consider for your 2022 Strategic Plan, with recent ideas from members.
– Recruiting: Utilize SEO and Facebook ads. Re-post and re-write ads & positions on a regular basis. When hiring out-of-state, bring them in for an interview and include the spouse in the trip. Consider an in-house recruiter, especially for entry level roles.
– Retention: Focus on your top performers and what they want. Connect employees with the purpose and mission of your company.
– Hybrid Workplace: Continue the conversations. Gather feedback and review current mindset of your team members.
– Compensation: Understand where you stand in your employee market and industry. Increase compensation, focusing on a sustainable base over bonus.
– Selective addition of new clients: Review what your ideal client looks like right now and rigorously vet new business to align to this. Look at where your competitors are faltering and be ready to compete and take market share.
– Narrowing of focus: Consider eliminating products and services that you don’t do better than your competitors and/or lower margin. Sell more of what you do best.
– Careful pruning of lower margin business: It may be time to part with bottom tier customers. Consider modifying pricing to convert them to good business or encourage them to seek other sources.
Supply Chain Disruption
– Creative solutions to challenges your company is facing right now: Strategize on things you can offer customers who are hearing about long lead times. Overcommunicate with customers if you’re not meeting deadlines and train your team on customer service that eliminates the surprise of a delay. Get creative with your vendors on ways to get priority delivery.
– Strategies to take advantage of ‘now’ opportunities: Look at opportunities that exist now that will be gone when the supply chain rights itself and be ready to act.
Cost & Pricing Strategies
– How to reduce costs to offset increases: Question everything – be a four-year-old and ask why five times to make sure you are operating as efficiently as possible. Consider a cost-busters campaign that recognizes team members who suggest savings’ ideas.
– Strategies around price increases: Consider implementing a price increase. Look at variable pricing based on product line/service/type of customer. Charge more and give more with a higher service level, extras, and improved turnaround time.