Leading your company when the economy turns sour
You don’t need to be a top economic analyst to notice that the global economic climate has been changing at speed in recent times.
Predictions suggest that some of the circumstances which are contributing to the current trends will be in place well into 2009 and very possibly beyond. What the analysts find a little harder to predict in such circumstances is, during such times of change, who will thrive, who will survive and who will not.
There are some clues out there as to what might enable people and businesses to thrive during times when shift is all around. Most commentators will agree that during such times leadership is key. What exactly leadership means and who it means depends on whether you look at positional leadership or personal leadership. Either way it will undoubtedly impact significantly the way that shift is experienced.
Organisations commonly follow one of two paths when the sort of economic shift we are currently seeing takes place, although clearly any combination of the two may occur.
There are those who look to cost control, down-sizing and contracting out to create a leaner, cost controlled core business. Others take a developmental approach and seek to grow new business and markets, new products and services as well as to improve the quality of existing products and services. Tony Robbins, a leading authority on the psychology of leadership, cites an example of a quality focused approach based on the Japanese principle of ‘kaizen’, a focus on constant small, believable improvement on a daily basis at all levels of an organisation.
Change is one of the few economic certainties that exist; how well individuals and organisations prosper in times of change is very much more a question of how they approach change and the opportunities that it may provide.
Graham Munday is an associate consultant with RogenSi and will be giving a presentation on the topic of ‘When shift happens’ free to Chamber members in mid-November.
Contact the Chamber for more information.