Happy New Year everyone. Despite all of the challenges we endured during 2021, the results for many were great.
Does this bode well for 2022?
While only time will tell, I believe we are very well positioned to make this year a record breaker.
Even if the supply chain, people, inflation and Covid challenges don’t disappear (they won’t), we are better prepared to manage them and mitigate the impact they have on our businesses. The same can be said of consumers. They clearly sent a message in December that they have a positive bias about life in general which resulted in a greater willingness to spend. With a bit of luck, that will not change in 2022.
But, as always, success will not come automatically and probably not easily. Well developed (and then executed) plans focused on how to continuously improve your business are essential. This issue contains a bunch of ideas which you may want to include in your 2022 framework. Keep in mind you cannot do them all. It’s far better to focus on the most significant priorities for your individual business.
If you are not pleased with your 2021 results, or you are unsure how to begin planning for 2022, feel free to reach out to me to discuss how to capture the opportunities for your business.
While nobody can build a 2022 strategic plan for you (it must be done by insiders, perhaps with some guidance from an advisor or advisors), we can provide a listing of areas to potentially focus on. This list is based on macro industry trends and it’s likely some of these initiatives should be considered for your business.
Using this list, you can create a framework for your 2022 strategy, and then layer in specific goals and accountabilities. When you get to this point, I’d suggest you utilize an OKR process to manage the detailed deliverables. This issue from June, 2021 can help you brush up on the OKR process.
So let’s jump back to the framework. What follows are a combination of my thoughts as well as those from trusted retail peers regarding key priorities for 2022. Review them, discuss with your team, identify which are both achievable (don’t be afraid of stretch goals) and potentially impactful to your business, and get them into your detailed strategic plan.