Four things Utah business leaders are talking about in 2021
The global economy is on the rebound and many Utah business leaders are preparing to capitalize on the expected growth. Indeed, the four executives we talked to for this article are quite optimistic about the future. Below, we share their insights so you can take advantage of the coming upturn and propel your company forward.
“The current market conditions are transformational. Now is not the time to stop training; now is the time to double down on learning and performance management that will give you the best ROI while utilizing the least amount of resources. Our version of normal will never be the same again, and businesses that are transforming to compete in the changing world are thriving,” says John Knotwell, general manager, Bridge by Instructure.
The pandemic changed things, some of them for good. Rather than fighting these changes, embrace them and transform your organization to take advantage.
As John alluded to above, one of the keys to embracing change is education. Learn about the changes happening to your industry so you can capitalize on them and maximize ROI. Then encourage your employees to do the same.
This company-wide mindset of continual learning will serve you well. Studies show that a commitment to consistent education results in lower employee turnover and higher staff engagement—two very important things for business success.
“2020 was a year of great disruption. Companies that adapt quickly to changing markets and customer demand will thrive in the post-COVID economy,” says Theresa A. Foxley, president and CEO, Economic Development Corporation Utah.
As the pandemic subsides, technical agility will be the new mantra for 2021. For businesses to adapt successfully, they’ll need to listen to customers’ needs and pivot their technology infrastructure accordingly.
According to an article from Enterpreneur.com, one of the most important aspects of adapting successfully in 2021 is establishing an online presence. Going digital can mean a myriad of things: selling your products online, establishing a social media presence, holding online conferences, posting videos made by your staff, and more. The goal is to connect and communicate with your customers and prospects.
It’s also important to ensure you have the right technology in place. To support your digital efforts, you’ll need a corporate infrastructure, including appropriate internet bandwidth, to handle the demands. Uber Eats and Amazon had their highest sales during 2020 because they had the necessary technology in place to support their customers’ needs. Consider how your business can use digital services to support your business model.
“The economy has changed in Utah and across the country. As a marketing leader, I found some methods of driving business were severely depleted, while others surged. My sales and marketing teams worked together to adjust our target audience and tactics to drive business when the pandemic caused economic growth,” says Scott Logan, VP of marketing at Kronologic.
Organizational agility, a company’s ability to adapt to a wide range of scenarios, is essential in today’s business environment. In fact, research suggests that agile organizations achieve 30-50 percent higher operational performance and boost customer satisfaction by 10-30 points.
The question is, how do you improve agility for your company? Here are three ideas:
- Have a Growth Mindset: Do you believe success is achieved through time and effort or inherent characteristics? This is the difference between growth and fixed mindsets. A growth mindset, the belief that success comes down to effort, is crucial to agility.
- Know Your Core Values: What does your company believe in and stand for? When you understand your core values, you’ll be able to unite your workforce around them. This makes it much easier to pivot when the inevitable happens.
- Hire the Right People: True business agility can’t be achieved without the right team members. Hire people who have growth mindsets and appreciate your company’s core values. They’ll be worth their weight in gold when plans go awry.
Agility is key to success, especially in uncertain times. Fortunately, there are things you can do to improve organizational agility for your company.
Keep your cool
“[This is] not a time to panic, lay blame, or cower while following the herd; instead [it’s] an opportunity to reevaluate, optimize, and execute with courage going against the herd. I encourage my colleagues to treat their employees, clients, and partners with calm, caring, and courage,” says Bassam Salem, CEO and Founder, of AtlasRTX and Mindshare Ventures.
The right decision is rarely made out of fear. Likewise, successful leaders don’t panic when the deck is stacked against them. They assess their options and act accordingly.
Let’s be honest, 2020 was a scary year. Between serious health concerns and a crumbling economy, no one would blame you if you “lost it” and “freaked out.” But doing so won’t help your business. In fact, it will probably damage it more than the pandemic already has.
Do your best to keep your cool and view your current situation as an opportunity. This is your chance to reevaluate priorities, optimize processes, and dare to do things differently—take it!
Build a better business
The world looks different today than it did 18 months ago. To survive and thrive in this alternative business environment, implement the insights shared above from some of Utah’s most effective and successful business leaders.
For more insights you can use to build a better business, as well as industry-leading technology solutions, visit the Comcast Business website.