At the end of one of the roughest economic years in recent memory leaders have a great challenge at hand. Government is having greater impact on significant industries such as auto, finance and health and the trickledown effect will be a tidal wave of impact.
Are you ready?
The leadership approach of "wait and see" is no longer an acceptable strategy. The longer you wait, the more changes are going to happen, the more behind you will get. Obviously, I'm not saying take a "ready, shoot, aim" approach because you will need to digest the volume of changes that are coming and interpret the impact on your organization. However, once you have that understanding to the best of your ability it’s time to take action.
Clear picture no more
Not that many years ago the business world was a clear picture of how to make profits, gain a bit of market share and know who the competition was. You can't wait for the clear picture anymore. Visionary skills at the top are more important now because the picture isn't so clear. A leader has to be able to see through the fog and recognize where their organization needs to be heading. Executive ability to lead in a storm is trait most needed in business today. These are not times for the timid.
Over the next few years businesses are going to fall into three categories and the leadership of each organization will determine which category those organizations fall into.
Passive
These organizations will be late adopters and want to follow trends. These executives are more interested in hanging in the middle of the pack and hoping others will determine the path the industry must follow. The only problem here is how fast things change now. By the time the passive organization joins the trend, the wants of consumers has already shifted and these organization will only be serving the stragglers. Passive organizations will always be looking to cut budgets and hope to make profits at the end of the year.
Old school
This category of organizations is the group that just believes in doing things the old fashioned way based on the thought it worked fine for the last 40 years it will work fine for the next 40. Old school organizations resistant to change have a short life expectancy. The Big Three auto makers are the best example of change resistance to the eternal detriment of the company. Change can be scary and sometimes executives just want things to stay the same. Unfortunately, business is progressing rapidly with increasing speed and these companies will be lost and left behind to suffer a fate of either closing, being purchased, or broken apart. In this category the smaller the company the shorter the life expectancy.
Aggressive
These organizations are going to be looking for every advantage they can possibly exploit and take the necessary risks to make it happen. They will shop for top talent, pay high salaries and take the occasional long shot. The workloads will be tremendous and the commitment extensive. This is a group that thrives on change, and desires to be in the forefront of the industry.
Some organizations will project well and make huge strides; others will miss the mark and most-likely cost the executives their employment. This is a gutsy group that lives for winning. The risk is high but so is the potential payoff.
As you can see, the business world, no matter which category you lead your organization into requires risk and courage. It’s up to you to decide which path you feel best to be part of. The day of the timid leader enjoying the ride is over.
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