The world is experiencing prolonged economic, social, and geopolitical crisis or turbulence.
Business leaders have no choice but to learn how to operate effectively within today’s unpredictable environment and a potential crisis.
To face an uncertain world head-on, businesses must think big and develop growth strategies that are purpose-driven and focused on long-term value creation, not just short-term profits.
Uncertainty and volatility have reached the highest levels in decades. For business leaders, that means continually confronting new and different challenges, looking like a nonstop crisis .
What are some of the actions business leaders can take now to prepare for the future?
Build trust with stakeholders.
Businesses must effectively communicate exactly what they are doing on this if they are to succeed in building trust. This is where corporate reporting comes in. Reporting – on both financial and non-financial metrics – is invaluable for helping businesses set goals, monitor progress, and better understand the drivers that create value for their business, including their people, intellectual assets, and technological tools. Ultimately, reporting provides the vital transparency that will build both stakeholder trust and buy-in to a business and its strategy.
Continuous investment in technology.
As the global pandemic proved, technology is a crucial enabler of agility and crisis resilience. Thanks to technology, millions of people were able to work safely from home and purchase goods and services without leaving the house. In future, emerging technologies such as artificial intelligence, data analytics, the Internet of Things and virtual reality will be integral to business survival. With these technologies, organizations can develop new business models, access better insight, manage costs more effectively and rapidly adapt in response to evolving customer expectations, and therefore to any upcoming crisis.
Put people at the center.
People are a critical driver of growth for almost every business – in good times and bad. The current war for talent demonstrates just how important people are for business. In response, leaders must put people right at the heart of their business strategies, focusing on issues such as diversity, equity and inclusion; upskilling; workforce planning; talent attraction and retention; and performance management and reward.
Agility and innovation empower businesses to adapt to change so leaders should also look to nurture an entrepreneurial spirit within their workforce. This means helping their people to take calculated risks and creating an environment where a willingness to fail is an essential element of success.
For more support in terms of securing your business and people ahead of the next crisis, please contact us or book a free meeting.
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