What is essential leadership? It’s what is absolutely necessary. It’s what is extremely important. Why?
First, making the tactical moves to secure the financial health of your business through this pandemic and the current economic recession is the foremost concern.
Assuming your business is able to weather the storm, will your company be poised to capitalize on the new opportunities, new ways of conducting business and new thinking that will emerge?
Crisis = Opportunity
Whether you know it or not because of COVID19, right now is the opening up of a potentially massive boom time of new opportunities over the course of the next 10 years. History mimics itself and we can look to the past to know that new opportunities emerge from nearly every crisis.
As the momentum for the Black Lives Matter movement continues, opportunities will likely arise as companies look to their core values and what matters most to their constituents and cohorts. Policies and procedures will be re-evaluated with an eye towards eliminating racism within businesses.
So how do you position yourself and your company to seize these opportunities? Strategy formulation matters.
Strategy
Research by Reeves, Love & Tillmanns (Harvard Business Review, “Your Strategy Needs a Strategy”, September 2012) shows that there are four approaches to strategy formulation. Choosing the approach that best fits you and your company’s market and culture is essential.
The four approaches broadly are:
Classical – works well in predictable markets
Adaptive – flexible and experimental, best in unpredictable markets
Shaping – unpredictability is high and you have the power to change or influence
Visionary – predictable environments and power to change/influence (the “Build it and they will come” approach - a reference to one of my favorites that we just watched again the other evening, "Field of Dreams")
What I've Learned So Far
What I've learned from every CEO and senior exec with whom I’ve spoken with recently, most if not all markets today are extremely unpredictable. And the underlying uncertainty is likely to continue for the foreseeable future.
My research to date tells me that no one has all the answers. So the level of predictability in navigating through the pandemic, the current recession and race equality and beyond in nearly every market is low.
In my 40 years in business, I have weathered major and sometimes near catastrophic disasters, including recessions 'great' and not so great, financial crises, banking crises, regional economic depressions, and economic or natural disasters, not to mention attacks domestic and foreign.
As for strategies, I don’t advocate one approach versus another since your industry/market and your culture has it own levels of predictability and tolerance to new and innovative approaches.
However, given what we are all experiencing, some combination of approaches is likely to be best. What I mean is, being flexible and adaptable are essential.
How to Make Sense of It All
Is all the turmoil, disruption, and confusion creating doubt and worry? Are you concerned about what the future holds for you and your company? If your answer is 'yes', you are not alone.
What if you could transform the confusion to solutions that made sense for you and your company?
That’s why I am hosting Leading in Uncertain Times - Manage Your Energy and Your Focus” June 26, 2020. This FREE, Virtual Mastermind Event is designed with you in mind.
Join me and other business leaders for an interactive, insightful, and inspiring 90 minutes during which we will focus on mindset, moves, and mastery to navigate the complexities confronting you today.
During this 90 minute Virtual Mastermind Meeting you will:
Learn Success Principles for managing your energy, focus and leadership skills through any crisis.
Learn strategies and tools for engaging your teams and your customers more deeply!
Be empowered by the collective decades of experience for success now and for years to come!
Simply CLICK HERE to register . I look forward to seeing you there.
Like this article? Share with your colleagues and connections. And private message me or send an email if you have any questions. You can email message me directly at John@JohnJFenton.com.
Until Next Time!