Tis might not seem like an obvious
choice, but many universities have affiliations with companies not just for recruiting, but for marketplace research, scientific advances, innovation labs and state-of-the-art thought leadership. My undergrad alma mater, the University of Illinois at Champaign-Urbana, is just one example. Like many major higher ed institutions, they have invested in industry-agnostic forums for innovation. Te Champaign-Urbana campus includes a research park occupied by companies looking to advance team collaboration and ideation, a disruption center utilized in the exploration of new technological advances, and a supercomputing center much-lauded within the industry. Relationships with faculty at higher-ed institutions can offer insight into academic research and its application to future market conditions.
Futurists Every year, I seek out the opportunity to
listen to at least one futurist talk about the accelerated pace of change in our world. Staying informed of how these changes alter marketplace infrastructure is critical to surviving into the next decade and beyond. Tis is the kind of knowledge that allows a company to capture opportunity when it presents itself—the intersection of preparedness and chance.
Economists Te financial services industry may be
more affected by the capital markets than others, but all businesses benefit from following the data collected and interpreted by economists. Economists follow more than just financial trends about growth, supply and demand, competitive data and GDP. Tey have a wealth of knowledge about population and labor trends, global supply chain actions, climate shifts, trade policies, anti-trust actions and legislation. Many disruptions can be foreseen and
prepared for by planning in collaboration with various advisors. Consider how the possibility of a pandemic was discussed by health experts and futurists long before COVID-19 reared its ugly head and disrupted our business world.
In times of crisis and disruption, an
organization’s operational units are tested first. When the pandemic first hit and stay-at-home orders went out, technology was immediately put to the test. Retail operations had to instantly shift to digital platforms. Global supply chains broke down as flights were cancelled and cargo ships sat in ports. A year later, technological advancements are still a priority for organizations, as is overall reevaluation of operational divisions and processes.
Strategic planning takes months.
While the overall path forward is being determined, the executive team and board are also connecting the strategy back to execution. Te operations of the company are dictated by the chosen strategy, so all operations—including areas of staffing and compensation, organizational structure, geographic expansion and client fulfillment—must align with the organization’s strategic goals. Changes in strategy require an evaluation of the executive leadership team’s ability to execute, including an assessment of CEO and board member skill sets. By linking strategy intrinsically to operations, leaders can ensure that their strategic goals are possible. Tis link is another argument for not making strategic changes in a crisis without serious thought and vetting. Moving forward, we must approach
strategy differently, knowing that unthinkable events are always possible. Te companies and boards that utilize these practices in their strategic planning processes will be prepared to seize new opportunities even in turbulent times.
Reprinted with permission of the Illinois CPA Society.
July/August 2021
CPAFOCUS
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