Business will be different…are you ready?
By Mckinsey
To say the world has changed, just doesn’t quite sound like an adequate description…
A McKinsey Global Institute analysis, based on multiple sources, indicates that the shock to our livelihoods from the economic impact of virus-suppression efforts could be the biggest in nearly a century. In the United States, this is likely to lead to a decline in economic activity in a single quarter that proves far greater than the loss of income experienced during the Great Depression.
We are at a generational tipping point. A world-changing moment in our history.
In Jim Collin’s latest book…”Great by Choice” he expertly details how over the course of history the “norm” has been a disrupted business environment. Recent history has been relatively stable, and we have been moving back into a period of disruption and transformation. So, it makes sense to acknowledge that our basis for how we have built our business and operating models for a time of relative stability needs to be adapted to the new environment. (I would highly recommend the read by the way)
What got us here, won’t get us there….History teaches us that new opportunities are born from the deepest moments of crisis. Companies and Leaders that reinvent themselves to make the most of the new world we will live in will disproportionally succeed. Those that do not, will not.
The world has already changed…A new expectation is being established…how we live, how we work and how we respond to change. Our past business and operating models have quickly become out-of-date, or better yet obsolete! Look at what is happening now. We are now going through a phase of rapid innovation at a speed we have never experienced. Think how quickly we pivoted to working remotely, contactless delivery and zoom happy hours. The world changed in a matter of weeks. Now…The changes weren’t easy or expected, it was not as smooth as we would have preferred and definitely not how we would prefer against the backdrop of the negative impact on humanity, but it was fast and it has brought a “rapid response” paradigm into place. By the way…we didn’t need an endless series of meetings and powerpoint presentations to get it done (Bonus!).
A McKinsey Global Institute analysis, based on multiple sources, indicates that the shock to our livelihoods from the economic impact of virus-suppression efforts could be the biggest in nearly a century. In the United States, this is likely to lead to a decline in economic activity in a single quarter that proves far greater than the loss of income experienced during the Great Depression.
We are at a generational tipping point. A world-changing moment in our history.
In Jim Collin’s latest book…”Great by Choice” he expertly details how over the course of history the “norm” has been a disrupted business environment. Recent history has been relatively stable, and we have been moving back into a period of disruption and transformation. So, it makes sense to acknowledge that our basis for how we have built our business and operating models for a time of relative stability needs to be adapted to the new environment. (I would highly recommend the read by the way)
What got us here, won’t get us there….History teaches us that new opportunities are born from the deepest moments of crisis. Companies and Leaders that reinvent themselves to make the most of the new world we will live in will disproportionally succeed. Those that do not, will not.
The world has already changed…A new expectation is being established…how we live, how we work and how we respond to change. Our past business and operating models have quickly become out-of-date, or better yet obsolete! Look at what is happening now. We are now going through a phase of rapid innovation at a speed we have never experienced. Think how quickly we pivoted to working remotely, contactless delivery and zoom happy hours. The world changed in a matter of weeks. Now…The changes weren’t easy or expected, it was not as smooth as we would have preferred and definitely not how we would prefer against the backdrop of the negative impact on humanity, but it was fast and it has brought a “rapid response” paradigm into place. By the way…we didn’t need an endless series of meetings and powerpoint presentations to get it done (Bonus!).
Looking forward….
We are proving we can operate in a new way. If Leaders are not open enough to recognize that, they will lose a significant competitive advantage in the future.
Today’s leaders must update their leadership thinking and behavior to keep pace with the challenges they will be facing as we move forward.
The Leadershift moment we find ourselves in is unique. No one knows what environment we will find ourselves living in the months to come. How we face uncertainly will determine our fate.
So…what do we do now? How can we approach the uncertainty of today to thrive in whatever environment we find ourselves in tomorrow? That is the million $ (or trillion $) question. While no one knows for certain. Here is a 4 point framework/philosophy we can use to get started…
1. Embrace it!
Don’t miss this opportunity. This is a time for us to innovate and reimagine the way we do things. Change is hard, but inevitable. The thought “I don’t know if we can do that” needs to be replaced with “Let’s give it a try and let’s get it done yesterday!”. Tomorrow is too late. No endless meetings kicking the can down the road. Make a decision! If it is not right, adjust and move on. Remember…It’s not what happens to you, it’s what you do next that counts! If you are comfortable….you are not moving fast enough! Being uncomfortable is the new comfortable.
2. Be Resilient…
In times of uncertainty, resilience is one of the most important skills for us. Defined as “the ability to remain flexible and focused when facing change.” This doesn’t mean not having a guiding, strategic vision, but a stronger focus on the customer, how their expectations are evolving and how should we respond. Our willingness to move on, even from something that is working now, will be a key to sustainable growth.
3. Work towards a decentralized operating model (Quickly!!).
“Rapid Response” Teams in business will be the key to thrive in the future. Have a core foundation of “Generalists” that know your business, know your customer extremely well and have a comprehensive view of what is needed to set the direction for the company. They are then supported by team of “Specialists” (ie. Experts), some on a contract basis for a period of time, to develop business solutions for specific opportunities. The formation of teams is evolving. In other words…The Gig Economy in full force! Think about 50% to 60% of your workforce as an independent contractor. #Leadershift
4. Culture is more critical than ever!!
Culture eats strategy for breakfast…we have all heard this one before and it is more pertinent now than ever before. We need to have a culture that people “feel” when they work on a team. If everyone on your team can’t describe your culture, you don’t have one. It needs to be simple, pervasive and easily digestible. Not polished and politically correct. Winning organizations build winning cultures so that Teams and the Business can be successful.
What we do know now is that the outlook is cloudy and uncertain. I would challenge all of us to think about taking our “next steps” like climbing a staircase. You don’t have to see the top to get started. But get started! Climb the steps in front of you, one at a time. You will get to where you need to go.
Galloway Resource Partners, LLC is focused on building Winning Teams through Coaching, Consulting and Talent Acquisition.
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