In the next chapter of Mindshop’s Business Leader Insights Report for 2022, businesses were surveyed in reflection of 2021 to find out what the most successful approaches were and what that means for recharting for 2022. In this blog, part two of our series, WK Strawbridge Advisors and Accountants have delved into why you need to reset for 2022.

For the most part, Mindshop found that “businesses described themselves at the end of 2021 as “tired but optimistic for a strong 2022”. With the combination of consistent change, transient employment opportunities, and unstable economic market in combination with personal stress and little mental downtime, 2021 was taxing across many factors influencing business success. 

In saying this, of those surveyed, most said they felt they didn’t waste the crisis, learning valuable lessons from the past two years, particularly which decisions they made and approaches they took during a time of duress worked and which did not.

Reflecting on the Approaches Taken in 2021:

Across the surveyed participants, it seems that many business leaders from across the world used one of three broad approaches to continue on with business as normal as possible during a COVID-impacted landscape.

These Three Approaches Were:
Stop/Start

This involved making little or no change to previously-successful strategies, which for most businesses didn’t work out so well for their 2021.

Ending up continuously ‘bogged down’, these businesses required a rest period to regain momentum again; which over time let to “stagnation and a gradual backwards slide resulting in productivity or revenue losses” according to Mindshop. 

Acceleration

A little bit what it sounds like; businesses who took this approach essentially accelerated with their foot to the floor through any difficulties in 2021.

Adopting “pivoting strategies, adapting products and services, investing in new technologies and team members” meant that whilst these businesses did move forward, they ended up depleting reserves and having not much left to give for opportunities in 2022.

Reset by Releasing Pressure

Business leaders who took this approach at first embraced the first two options, but made the strategic decision to release some tyre pressure in order to gain traction.

Mindshop noted “ knowing when to say no to opportunities, embracing new habits, building new skills, being strategic and having more fun (easier said than done), ultimately getting the traction to effectively implement change.”

The Mindshop-Endorsed Approach:

From the above approaches, Mindshop of course recommends the third; the reset to release pressure method. They gathered from participants that even just a 10-15% reduction in pressure allowed businesses to slow down and make better overall decisions. Using this strategy to progress in a slower, but more deliberate way is what Mindshop truly believes will be the success of recharting sustainably for 2022.

Working smarter not harder will be the key to sustainably maintaining your success throughout 2022. Mindshop notes that early indications for 2022 hint at business confidence being at a record high, despite only 4% of leaders stating they feel prepared for emerging market needs. 

Engaging with this overall positive mindset for 2022 whilst also recalibrating your strategy based on 2021 learnings will be important to overcome this uncertainty. Mindshop believes that this year poses the opportunity “for you to adapt your strategy and mindset from defensive (protect what we have got) to offensive (targeted, profitable growth). 

Key Points of Your Approach to Consider for Kick-Starting 2022:

So we’ve covered why you need to reset for 2022, but how do you start that process? Mindshop has drilled this first step down to six key questions to ask yourself about your business performance in 2021, where you’re at now, and where you want to be going. 

These 6 key questions are:

  1. Where should you ‘release the pressure’ in your own goals, daily schedule, role, and focus to gain greater traction?
  2. In what capabilities will you need to upskill and reskill?
  3. Is your leadership resilience strong enough to steer the business (or your area of the business) to greater success in 2022?
  4. How will products and services be marketed and sold differently to get cut-through? Do you need to adapt your sales process or the way you leverage technology?
  5. Have you reset your strategy to ensure the business thrives in 2022 and beyond?
  6. What emerging trends will have the biggest impact on your strategies and vision? 

Reflecting on these key questions is the first step in resetting for a successful 2022. Stay tuned for the next blog in our series delving into Mindshop’s Business Leader Insights Report, where we’ll cover the first three of six key insights gathered from the survey.

Read Part 1 of our Mindshop Business Leader Insights Report for 2022 Blog Series
Chat with a WK Strawbridge Specialist Advisor