Leadership Can Prepare For Changing Business Trends With A Longer-Term Lens

I came across an article discussing Leadership Can Prepare For Changing Business Trends With A Longer-Term Lens. Here are a few snippets that you might find interesting.

Organisational leaders are being tested like never before. From the global pandemic to business model disruption and talent shortages, every day seems to bring new challenges. In many cases, survival has been the name of the game.

But one of the big leadership questions going forward is "How can I continue to fight fires today while lighting the touchpaper for future investment and innovation?" To reposition and prepare for the longer-term world of work evolutions, leaders should consider two important factors.

The Major Areas Of Change To Focus On

Looking ahead for the year, organisational leaders are taking stock of what they've learned from a time of constant, urgent change and unexpected external developments. They’re also wondering how they can ride the next curve of demand. What are the major areas of underlying change that future-focused leaders can track, interpret and use as a driver of innovation and competitive advantage?

Societal changes mean the expectations and needs of customers and employees are evolving. Being ahead of the game will drive business resilience and growth, as well as ensure employers can be proactive in addressing skills and workforce challenges. Winning the retention and attraction game will always be important, but the rules and parameters are changing significantly.

What is value today?

So what can organisations do to create value for internal and external stakeholders? The answer starts with recognising that the very definition of value is evolving. The focus will increasingly fall not just on what you do and what you deliver, but on the strategies you use to deliver it. For example, 84% of leaders believe that integrating ethics and values into decision-making will drive competitive advantage. This will mean constantly evolving the organisational culture so it embeds values and behaviors and hones people skills. The communication challenge—both external and internal—will intensify and require constant refresh in terms of content, tone and channels.

The Factors That Will Contribute To Success

So how can forward-focused leaders hold a gase on 2023 and beyond long enough to put the right planning methodology and internal capability in place? What habits, infrastructure and culture will create future value? Here are five common success factors.

• Building Future-Focused Networks: Cultivating a rich contacts ecosystem is a means of stimulating a future-focused outlook and generating new levels of unique insight that can be operationalised. This includes nurturing vibrant peer networks, strong links to external subject-matter experts and symbiotic relationships with new startups.

• Launching New Businesses: Taking that a step further, launching off-shoot startups is a source of opportunities for future growth and relevance. Many successful companies were founded in the depths of a downturn. In fact, "hatching new businesses" is one of the top priorities for CEOs globally, according to a recent McKinsey report.

• Creating Space: Long-term planning often takes a backseat when leaders are dealing with day-to-day emergencies. But successful organisations carve out the necessary space to take a breath and regularly review established perceptions and procedures. Innovation happens in the pauses. It also happens by listening to the wider workforce and customers through meaningful engagement.

• Fostering Game-Changing Teams: Making the most of longer-term developments requires a game-changing mindset across core business areas. This shines the light on the importance of gaining a deeper understanding of individual and team impact. This knowledge is a means of building complementary leadership strengths within groups, further ensuring the organisational antennae are tuned into longer-term opportunities as well as shorter-term imperatives.

• Using data, technology and greater intuition: Leadership teams will increasingly use bespoke data and AI to inform decisions and map out potential options and scenarios. Harnessing external expertise to make the most of technology-driven planning methodology is a vital first step forward on this journey.

Want to know more? Head on over to the full article here for more ideas and perspective. Afterwards, why not drop me an email to share your thoughts at robert@vicleaders.com.au; or call me on 0467 749 378.

Thanks,

Robert