This is the season for resolutions. Two weeks from now, of course, will be the season for breaking them. In fact, breaking resolutions has become such a cliché that the current trend is to instead select a word that you want to define your attitudes or goals for the coming year, such as “gratitude” or “balance” or “charity.”
If you’re in the furniture business and you choose this path, perhaps your word is: “flexibility.” Because whatever else happened when the clock struck 12 on Dec. 31, 2020, what did not happen was a major shift in the challenges and changes we all face. COVID-19 did not disappear. In fact, the U.S. has set multiple records since Jan. 1 in new cases and deaths.
Raw materials did not suddenly become more readily available or cheaper, shipping costs have not gone down, and the supply chain has not suddenly started overflowing with bountiful abundance. Furniture markets did not revert to their original dates, and our politics did not become less contentious. Everything that made 2020 difficult to predict is making 2021 just as tough, except one thing: We’re ready for it now.
After a year where the word “pivot” was used more in business than the NBA, where companies needed to be more flexible than a world class gymnast and abnormal became the new normal, the ability to adapt, adjust and accommodate is becoming second nature — or it should be. If you or anyone in your company is still using the phrase, “well we’ve always …,” no matter how that sentence ends you’re likely in for a long, difficult year.
By no means, however, does this mean hunkering down and waiting for things to become more predictable. In fact, it’s becoming clear that those companies most likely to emerge stronger from this period are those that are moving forward proactively, confidently and with purpose.
The cover of this issue features a story about Ashley Furniture Inds.’ eye-popping $1 billion investment, a record for the company and, outside of an acquisition, likely a record for the furniture industry. Over the next 18 months, the industry’s largest manufacturer will invest this massive sum to strengthen, adapt and grow its business. Not because the company leadership knows exactly what tomorrow holds, but because whatever it holds Ashley will be positioned to maximize the opportunities that arise.
Ashley is not alone in this. Every day we’re seeing companies recognize that the flip side of challenge is opportunity, that are making key investments to grow their business and capture share from those less able or willing to lean in. You’ll be reading more about this in the weeks ahead so stay tuned.
Whatever word these companies have chosen to guide their actions as they proactively move forward into another year of uncertainty, you can be sure it reflects a willingness to embrace change and to remain determined in the face of adversity.
What’s your word? And how will it define your year?
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January 11, 2021 at 07:35PM
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Blog: If you only make one 'resolution' this year, remain flexible - Furniture Today
"furniture" - Google News
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