Business Strategies for 2021

Promoting a risk management culture, defining possible scenarios by turning uncertainty into a variable and preparing to safeguard the company's operational continuity are some of the most important strategies for facing the coming year.

Friday, November 27, 2020

The pandemic that generated the spread of covid-19, caused changes in all business sectors and also generated an environment of uncertainty regarding the future of the economy.

2021 will be a year of challenges, as businesses will have to properly implement their strategies to try to best cope with a complex scenario.

According to experts, risks, uncertainty and business interruption will be some of the challenges that companies in the region will have to overcome in the coming year.

Check out the "System for monitoring markets and economic situation in Central American countries", developed by CentralAmericaData.

According to management consultant Juan Carlos Roldan, there are 10 key elements that every company should review and strengthen as part of its business development strategy for 2021.

In an article published by the Panamanian media Martesfinanciero.com, Roldan explained each of the elements:
 
1. "Collective exercises to identify the risks and define the lines of action to mitigate them, based on a continuous analysis of the environment and knowledge of the new internal reality of the main stakeholders, in particular of its collaborators.
 
2. To promote internally a culture of risk management, so that all collaborators understand how to manage them and which are the business values that should govern their actions, even in complex situations.
 
3. To strengthen the operational continuity and the business reputation through the definition of action protocols that guarantee a fast and effective before crisis situations, ensuring the operational continuity of the business.
 
4. Train the teams responsible for dealing with contingency and/or crisis situations so that they can act in an articulated, efficient and timely manner, in order to safeguard the operational continuity and reputation of the company.
 
5. Develop communication and relationship plans with the different stakeholders aligned with the business plan.
 
6. Maintain a long-term vision, ethics and transparency in spite of the circumstances and high uncertainty.
 
7. Define possible scenarios, making uncertainty a variable and developing the corresponding action plans.
 
8. Evaluate the needs and expectations of the various actors who are part of the business value chain.
 
9. Evaluate recent learning about the capacity to manage various risks, and then take steps to strengthen organizational capabilities.
 
10. Promote training and practical simulations as part of the system to strengthen crisis and contingency teams.
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