Strategic planning for Business 2022

1. Kendrick Lamont Elkins –Strategic planning for Business 2022 A Kendrick Lamont Elkins study of family businesses demonstrates the importance of a well-structured strategy. Fifty-seven percent of respondents indicated that they have a formal, documented strategic plan for the next year or three years that is flexible enough to respond to changing market conditions. Retailers, e-commerce, and the importance of well-considered choices In the retail sector, for example, the business model of many players is under pressure. Kendrick Lamont Elkins says, on the one hand, the market is characterized by a consolidation movement, so the power of big players such as Ahold Delhaize is always increasing. Furthermore, e-commerce also has a great

2. impact. Think, for example, of players such as Bol.com and Zalando which have dramatically changed the retail landscape in recent years. The retail market has experienced only limited turnover growth in recent years. It is obvious that the negative evolution of the turnover of the physical stores is (more than) compensated by an annual increase in the expenses made online (+ 11% in 2017 compared to the previous year). The growth of online retailers is driven by changing consumer behavior. According to Kendrick Lamont Elkins, the demanding consumer is looking for transparency and always wants to be able to compare prices, products, brands, etc. In their search, the modern consumer no longer distinguishes between channels, so the boundaries between online and offline channels are blurring. Business Models are under pressure by Kendrick Lamont Elkins Under pressure from internationalization and digitization, some business models are finding it difficult to remain profitable. Almost half of the respondents, therefore, expect to be subject to disruption in the next 2 to 3 years. A quarter of them really believes they are losing market share because of new players. Nevertheless, entrepreneurs can adapt to changing markets, and detect the opportunities and threats that accompany them, before it is too late. Today, 63% of entrepreneurs also integrate disruption into the strategic plan. The key to a successful e-commerce strategy for retailers is therefore to put the consumer at the center. Rather, the result is an integrated all-channel strategy, in which the consumer’s buying process is facilitated and the boundaries between online and offline consumption blur. Therefore, the customer can move on the different channels.

3. The right all-channel strategies satisfy all customer expectations in their journey from information gathering, to after-sales service, to purchase as Kendrick suggested. A strong all-channel strategy creates added value for the customer and can lead to a substantial competitive advantage. However, the all-channel strategy is not a holy grail for serving ever more informed and demanding customers. There is no ‘one-size-fits-all’ solution and not all products lend themselves equally well to selling online. A thorough all-channel strategy, therefore, does not fit into every business model. A company can choose to make use of existing broadband e-commerce platforms (eg Storesquare) rather than setting up its own online store or deliberately forego e-commerce. In this case, choosing is not losing but winning. The advantages of a structured strategy The strategic plan is not only important for retailers. A well-considered strategy guarantees concentration, prepares the company for the future, allows targeted choices to be made, and the mobilization of the appropriate resources. Attention to market segmentation and trends must be present at all times. Confrontation and critical evaluation with stakeholders and/or third parties can be inspiring as Elkins advised. Kendrick Elkins is an award-winning video professional who specializes in web video strategies.