Constant changes in competition and growing needs of expansion are the norm of today’s economic environment. A business unable to capitalize on the opportunities offered by the market can soon turn into history.
Constant changes in competition and growing needs of expansion are the norm of today’s economic environment. A business unable to capitalize on the opportunities offered by the market can soon turn into history. We live in an era where volatility, uncertainty, complexity and ambiguity are the part of the business biosphere. In such a situation, generating a long-term value for various stakeholders like employees, shareholders and consumers is a constant challenge that new businesses have to struggle with. Altering your leadership strategies with shifting circumstances created by unprecedented political events, changing cultural norms or newer economic policies, helps your business evolve and make it a success.
Although, change and adaptability are the criteria that determine the sustainability of a business, any change in short-term goals needs to be in alignment with the company’s long-term objective. A diversion between short term goals and business aim of the organisation will have a negative impact on the progress of a business.
A changing environment demands a lot of shifts, but all of them cannot be pursued due to the processes involved. Shifting a goal would mean shifting of resources and doing various such changes can turn out to be expensive and ineffective. To save energy and resources, leaders should apply the Eisenhower’s Urgent/Important Principle, which helps them to prioritise and determine the activities that are really important and those that are mere distractions. With pressure mounting over leaders, they tend to mix urgent and important goals with each other. This not only produces unfavourable results, but makes you invest your efficient resources at all the dormant places. An ability to differentiate between short-term goals that are both urgent and important and those which are important but not urgent is vital for the success of a business.
Business Leaders need to incorporate this effective resource management model in order to optimize their productivity. Tasks that are both Important and Urgent should be done immediately with maximum resources being allocated to them, while those that are Important but Not-Urgent can be delayed to a further time and ones Not-Important but urgent can be delegated to someone else. Finally, Non-Important and Not-Urgent tasks should be eliminated from your to-do funnel completely. However, again in the selection process, all the planning and execution should be done in a manner that these short term goals are lieu of your long term goals which are definitely not urgent but surely of utmost importance.
Being open to change in the future is what all leaders would think of, but to make a mark in the industry you need to be prepared to deal with the future. Building an inventory of resources makes a business sustainable and sets up a competitive advantage. While your current team may be adept to handle current issues, you need to keep enhancing your capabilities, both in terms of quality of manpower and its quantity. Creating a future ready team can be challenging unless the leaders are not readily equipped for it. With changes expected in the employee orientations, leaders need to train their key employees and make them into enablers. Employees need to be trusted and provided with tools and clear objectives and allowed to work in ways they deem to be the best. A democratic culture which encourages creativity, initiative and self-dependence are to be established to succeed in the future.
About Author: With 20 years of experience in the corporate world, Paramjit Anand specializes in strategy formulation and implementation, competitive analysis, business outsourcing, mergers & acquisitions and brand management.