We live in an uncertain economic outlook with rising interest rates, high inflation, rising wages and increasing costs. One thing I have learnt when working with business owners and leaders is that it's more important than ever to have a good business plan, a strong vision and the means to execute it.
Despite all the uncertainty of current times, many TAB members remain bullish about the future and continue to plan for growth.
They are not all out-and-out optimists with supreme self-belief. And yet, in the last 12 months, in a difficult and uncertain year by any standards - many TAB members smashed their goals and celebrated champagne moments to mark their success. So, where does that confidence and success come from? Three things show up time and time again – mindset, planning, and action focus.
Times of greatest uncertainty and change are when a flexible and positive mindset is most important to see it as an opportunity, not a threat.
Ambiguity is a fact of life. No one has a crystal ball, and it is never possible to have total control. Embrace the ambiguity, identify what you don’t know, and move forward based on what you do know. Accept that there will be bumps in the road. Stay positive, and do not dwell on things you cannot control. Acting and making mistakes may be better than doing nothing. Be prepared to respond quickly and decisively to changes as they happen.
Benjamin Franklin once said, “If you fail to plan, you are planning to fail”.
Defining objectives and working through the critical success factors and strategies for making it happen helps identify the risks, sensitivities, and ways to manage the downside when needed. Speak to your customers and suppliers to understand their view of the world. Consult people around you - including other leaders, advisers, experts, and peers - to identify new opportunities and contribute fresh ideas as well as potential weaknesses or over-optimistic assumptions.
Keep it simple.
Focus on quality through staff training, customer feedback, and the top 3 priorities that will not change irrespective of the uncertainty. Know your numbers and keep a close eye on the cash. Focus on positive actions – attack is often the best line of defence. Manage your time and look after yourself - sleep, diet and exercise, and time for the things you enjoy outside of work. Get help if you need it so you aren’t spread too thin.
If this blog has piqued your interest in learning more about The Alternative Board and how it could help you and your business, please click on the link below to contact me for an introductory conversation.
