Keep the ‘eyes on the ball’ during uncertainty
There is no end to disturbing news. Uncertainties continue to haunt
business organisations. Planning, forecasting, scenario gaming and
predictions have become almost impossible. Changes in the operating
environment make strategies obsolete overnight. Delivering stakeholder
expectations in such a volatile environment is extremely challenging for
the leaders an employees. Yet your obligations and accountabilities
don’t go away. Your key question is, how do I stay focused when
everything around me is constantly changing.
Controllable and uncontrollable
Challenges fall into two buckets, those you can control and those you
have no control over. From a macroeconomic cocktail identifying the
relevant challenges to your own business is critical.
Single-out the challenges you can do something about, with quick
strategic moves. This is the best you can do to determine your response.
There is absolutely no point in worrying about challenges you do not
have any control over.
It only burns you out and drains out all your positive energy. Mind
you, psychological defeat leads to physical defeat finally.
Difficult times are good times to check the fundamentals of your
business. Investing time and money to strengthen the fundamentals will
create a better platform for growth when the market follows the next
step of the cycle, recovery or boom. Back to basics is a safe approach
but there will still be opportunities to grow in a declining market when
your competitors leave gaps due to distraction and frustration – some
players give up in such situations. So keep your eyes open and grab
those opportunities.
Communicate
To keep your eye on the ball, you first have to define the ‘new
ball’. In other words, understand the relevant issues impacting your
business and re-define what winning means to your organisation in the
changed environment.
It could be still achieving positive growth or acceding to negative
growth. Review all your strategic initiatives and decide which ones you
should continue doing and, more importantly, which ones you should stop.
Evaluate each initiative based on how well it supports your new
definition of winning, determine its strategic value.
Don't make decisions on how much it costs or who thinks it's a good
idea. In times of uncertainty, most companies cut back on communicating
with employees for fear of harming morale with constant bad news. In
reality, employees want and need to know more.
If you don't keep them informed, employees will fill the information
gap by making things up and most of what they make up will not be good.
To keep employees from getting angry, anxious and distracted,
constantly communicate about your organisation's approach to deal with
the situation.
Let people know that you have a plan to get through the uncertain
times and how they can support it. Tell them why you can and will still
win.
Talk to your customers more frequently, but listen more than you
talk. The market downturn affects them equally badly.
Show empathy
This opportunity is a good one to show your empathy to build strong
bonds with your customers and dealers. Passing on your pressure to them
can only strain your relationship.
Maintaining focus is a learned behaviour but it is not easy as it
sounds. It demands a disciplined approach. With focus, get clear on
where you want to go in the new operating environment and how to play
the game.
Surround yourself visually with what will help you get there.
Identify the relevant challenges, have a plan to mitigate the
controllable challenges and rally people around the re-aligned strategy
and action plan - keep your eye on the ball to survive the difficult
times and create the platform for growth during good times. |