Feature: Planning Ahead With Technology

ADDING TECH TO YOUR ROADMAP

Strategic Planning in a Post-Pandemic Environment

By StaCy Weight, Cpa

The year 2020 is finally in the rearview mirror. Many of us have been in crisis mode for more than a year and are jumping at the chance to get “back to normal.” However, things will never be normal again. We can never go back to the way it was before the global pandemic of the past year. We can only look forward to what the new future will be.

Technology Adoption

Many of you may be familiar with the technology adoption curve. The technology adoption curve helps us understand how new things, specifically technology, are adopted by the general population. This adoption can take anywhere from a few weeks to decades depending on the particular technology or innovation. The pandemic of the past year has significantly altered the adoption timeline for many innovations — escalating the process in some cases by decades.

I have seen this escalation happen amongst a circle of colleagues in my industry. In early 2020, a group of professionals in my industry were discussing the difficulty in hiring new accounting staff. The challenge that one in particular was facing was that the top candidate wanted to work from home. The response of this hiring manager

Technology Adoption Life Cycle

Early Market

Innovators Early Adopters Early Majority Late Majority

Like New Things Big Pain Points Laggards

was that the work was an in-the-office position and the job could not be done from home. Fast forward just one year later and this same colleague was asking for advice on out-of-state income tax regulations because they had an accountant moving across state lines. Same company, same job, same hiring manager. So what had changed? The forced adoption during the pandemic has forever altered our perception of what “work” looks like.

It is a critical time for many businesses to reevaluate and redesign what they will look like going forward. And in this case, time is of the essence. Action must be taken quickly to adjust or the business may face being left behind and becoming irrelevant.

Strategic Planning

The initial way to approach change is through the strategic planning process. If your business doesn’t have a strategic plan, now is the time to embark on that process. If you do have a current strategic plan, the plan needs to be revisited in light of the changes that have occurred over the past year. Make sure you ask the relevant questions and ensure that you don’t fall into the pattern of doing what you have always done. Questions like the following could be considered:

1. What will happen to our business when

COVID-19 is over?

2. If we experienced rapid growth during COVID-19, is it sustainable, or do we face a fiscal cliff?

3. If we experienced rapid decline during COVID-19, how long do we think it will take to return to pre-

COVID-19 levels?

4. What will our customers' behavior look like in the future?

5. What innovations could enhance our offering due to a wide acceptance of technology?

These and other questions could help drive new thinking during the strategic planning process.

Infrastructure Investments

As part of the strategic planning process, extra care should be taken to do a deep dive into infrastructure investments. Can your current infrastructure support your company into the future? At a time when many businesses are struggling financially, it may be difficult to discuss any sort of business investments. However, strategic investments in infrastructure could potentially help your business recover more quickly. Are there investments you could make that can improve your service delivery model? Will your customers be more willing to adapt to a new delivery model?

A great example of this would be a product with a primarily elderly customer base. I have a grandmother in her late 80s who historically has not embraced technology. She still insists on having a landline with a physical answering machine and expects you to leave a message if you call. Post COVID-19, my grandmother is now comfortable with regular video conferencing calls, which she can initiate on her own without any technical assistance. The past year has opened up her acceptance of new ways to communicate. With that new acceptance has come a new opportunity to engage with her as a customer that would not have been possible before. Consider how COVID-19 has impacted your client base and what new methods they may be open to.

With interest rates currently very low, now could be the perfect time to invest in infrastructure upgrades. These types of upgrades should remain a priority with a view on the long-term gain for the business.

Change in Management Style

If the past year has opened our eyes to anything, it is the possibility of a change in the way our employees work. Many major companies have introduced plans to extend their work-from-home policies, or make them permanent. The shift from corporate offices to remote work will have a permanent impact on the landscape of the workforce. The landscape of competition for employees will be much broader. Expectations on the part of employees will shift as more opportunities are available for them to work remotely. On the other side of the coin, you may now be able to engage remote employees that were not available to you pre-COVID-19.

Along with a change in the way our employees work comes a need to change the management style. Managing a remote employee can be much more challenging than managing staff in the office. It requires a different set of leadership skills and a much more focused effort on communication. It is much more difficult to keep a connection with an employee who you don’t see and interact with every day. Specific policies and procedures should be considered with a change in the way your employees work.

Conclusion

This is an exciting time to be in business. The many opportunities that are out there for businesses to innovate and grow are exponential; now is not the time to hold back, but it is a time to embrace change and take a risk. Don’t get stuck in thinking of the time when you can go back to the pre-COVID-19 world. Take this year as the opportunity to move forward and secure your place in the post-COVID-19 world. n

Stacy Weight, CPA, CGMA, is the chief administrative officer for Utah Community Action. She has extensive experience in the nonprofit industry, including 10 years at Children's Miracle Network Hospitals. Weight graduated from Utah Valley University with a bachelor's in accounting and received her master's in business administration from Westminster College.