Tag: business leaders
Top 5 Organizational Imperatives for Business Leaders to Become Winners in the New Normal
The post-COVID-19 business scenario will not look the same across industries or countries. It will pose challenges and opportunities to leaders.
Tips for Business Leaders to Attain Success in the New Normal
While traits like empathy, authenticity, clarity, and agility remain crucial during this uncertainty, leaders face challenges to maintain a sense of connection and togetherness within their teams. However, as businesses are beginning to get back on track, leaders will have to leverage new insights and advancements to rebuild the workplace rather than returning to it as usual.
This article discusses five best practices that business leaders can follow and prepare their organization for the future.
Read more: 11 Practices Followed by Leaders to Build Resilience and Ensure Rapid Business Recovery
1. Have a clear purpose
There is a big difference between a “factor” and a “must-have.” A company that has a unique affirmation of its identity embodies everything the company stands for. This purpose helps future-ready companies to attract people to join the organization, stay and thrive. Also, investors understand why it is valuable.
According to a survey, 82% of companies in the U.S said that organizational purpose is essential, but only half of these companies said their purpose drove impact. So, what can bridge the gap?
Leaders can set the purpose in motion and make it real for people. This can be achieved when employees identify and feel connected to their organization’s purpose. For example, Amazon leaves a chair vacant during meetings to represent the customer’s role in decisions. CVS Health stopped selling tobacco products to achieve the purpose of helping people to attain better health.
Research reveals that people who live their purpose at work are four times more likely to report better engagement levels than those who do not.
Simply put, purpose inspires commitment, reveals the untapped market potential, and even navigates uncertainty. So, companies must articulate what they stand for and use their purpose to connect employees and stakeholders in ways that justify their business choice.
Read more: 7 Ways for Your Business to Overcome the COVID-19 Aftermath
2. Create a value agenda
An organization must create a value plan that helps convert its ambitions and targets into tangible elements such as business units, product lines, regions, and capabilities. This allows companies to articulate where value is created and set it apart to drive future success.
Organizations must use the value agenda to focus their efforts and enable their employees to understand what matters. If this is achieved, the results can be significant and hard to replicate.
For instance, Apple ensures it provides the best user experience. The company gives importance to not just the product design but also the product packaging. Apple has a dedicated packaging team to ensure users elicit the right emotional response while unboxing.
Having a clear value agenda will help a company devise better strategic priorities and become agile to shift resources as priorities change.
3. Distinct culture
Future-ready companies need to have a distinct culture that can help them distinguish themselves from others. Culture includes rituals, symbols, behaviors, and experiences that describe how an organization works.
For example, Amazon enforces its “two-pizza rule,” according to which every internal team should be small enough to be fed with two pizzas. This rule supports the company’s approach to meetings: no PowerPoint, shorter meetings, and start with silence to allow participants to go through the pre-meeting memo. These approaches may sound silly, but in reality, it enables the company to reach better decisions faster.
For successful companies, culture forms the backbone and fuels sustained excellence in performance over time. Studies show that companies with strong cultures are three times more likely to achieve higher total returns to shareholders than those without a healthy culture.
Leaders have to consider specific behaviors that employees at all levels adhere to create a robust performance culture.
4. Flatten structure
In recent years, the business environment has become more complex and interconnected. Many companies have adapted to these changes and created a more sophisticated matrix expecting it to solve market complexity. However, this is not how it should be.
Future-ready organizations must prepare themselves to become fitter, faster, flatter, and better at unlocking considerable value. The goal should not be to eliminate hierarchy but to flatten the organization, adopt the most uncomplicated profit and loss management structure, and reinforce business objectives with robust performance management and other mechanisms.
For example, Haier, a China-based company of appliances and electronics, adopted emergent and agile teams instead of the traditional hierarchy. The multinational company has no layers, no conventional bosses, and no middle management.
Another example to consider is Google. It follows a “non-zero-sum” management approach that emphasizes developing a communication line running in all directions rather than reporting relationships. It brings together cross-functional and professional skills while avoiding hierarchical mindsets. Such teams can act fast because they are flexible, are ready to learn from mistakes, and try new approaches.
In simple words, the future-ready organization must include models that are designed around people and activities. As technology advances, bosses will become coaches and enablers rather than micromanagers. When organizations set their priorities and ways of working, responsibilities, and transparent decisions, they can empower their frontline staff to make decisions.
Read more: Five Business Technology Trends CEOs Need to Embrace in 2021
5. Prioritize data-rich tech platforms
Data is of utmost importance, and future-ready companies need to take it seriously. For example, Netflix transformed from a small DVD-provider to a multifaceted global OTT content platform and media production company by leveraging insights from its user data through powerful algorithms.
So, future-ready companies need to understand that data can empower decisions, and the value agenda provides unexpected yet promising opportunities.
To get maximum benefits from the data, future-ready companies must create practical approaches to data governance, redesign processes in a modular fashion, and leverage cloud-based technology by dynamically reallocating their budgets. By utilizing the data effectively, companies can develop new products, services, and even LOBs.
Read more: Navigate Business Impact Of COVID-19 With These Hot Technologies
There’s no denying that the COVID-19 pandemic has left many businesses in grief and economic dislocation. Business leaders must lead with empathy and compassion as they start to re-energize and revitalize their teams. The best leaders establish and reinforce behaviors that can support their organization during this crisis and after.
Read more: Business Process Re-engineering: Facing Crisis with Confidence
Get in touch with us to discover how Fingent, a top custom software development company, supports customers in ensuring business continuity and enables effective employee engagement during the current pandemic.
How successful leaders are responding to COVID-19 business implications
As the world is wrestling with the unforeseeable implications of the coronavirus pandemic, our social and economic fabric is under severe stress. For most businesses, COVID-19 is unlike any crisis that they might have faced in the past. The urgency to respond has forced every business to rethink how they operate if they are to obtain any chance in navigating these new challenges. Times like these need leaders who must act quickly to minimize the risk to their employees and business operations while looking forward to creating a promising future. Beyond the crisis, they must ensure that their organization has invested in the right capabilities to adapt to the “new normal.”
Read more: Navigate Business Impact Of COVID-19 With These Hot Technologies
A resilient leader is a person who sees the most challenging crisis as a hurdle that you can hop over, not as an impregnable wall. That has been a hallmark of successful leaders. It is a remarkable ability that will help their companies recover quickly from a crisis and transform it into an opportunity to grow their business. Resilience is a learned ability, and it must be acquired, built, and developed by all business leaders.
This article will present a detailed guide on leadership practices that will help business leaders respond effectively to the present crisis.
1. Do not narrow your focus
When faced with severe stress, the human mind tends to narrow its focus. Perhaps it is a survival mechanism, but it restricts your field of vision to the immediate foreground. Leaders must intentionally pull back to take a broad and holistic view of both the challenges and opportunities. Remember a bend in the road is not always the end of the road. Well-focused focused leadership fosters well-directed management.
2. Do not panic
People do not follow leaders. They follow models of behavior. They look to their leaders for courage and strength when faced with challenging situations. Remember, your fear is contagious. Even if you do not say it out loud, people can understand and sense your fear. You cannot expect people to pivot if the leader is not positive. Aim to stir up energy in others, not fear. Empower your people with courage so that they can help in business recovery.
3. Turn the crisis into a stepping stone not a tombstone
Do not allow the present crisis to paralyze you. Resilient leaders get ahead of challenging situations when they welcome inputs from others, admit their own mistakes, and stay open to suggestions. They take steps to adapt courageously. Resilient leaders must be willing to take risks confidently and experiment new ideas. It is easy to be stuck in the same routine until situations like this pandemic require organizations to change or die. Leaders who are not afraid to make bold decisions are the need of the hour.
Perhaps you must put a hold on large initiatives and expenses. Just do it. Do not depend on your past strategy. Those strategies may not be relevant now. Assess the ground situation often. Extend your antennae across the entire operative ecosystem. The best way to accomplish this is to create a network of local leaders and influencers. They can assist you by giving you updated information about the sentiments of employees, suppliers, customers, and other stakeholders.
Read more: 7 Ways for Your Business to Overcome the COVID-19 Aftermath
4. Do not fixate on what is closed
Managing a crisis like COVID-19 can be thrilling for some leaders. However, that can be a trap where you might feel the urge to micro-manage the present. Resist the temptation to take over. Instead, use your experience to provide necessary guidance and support. A leader fixated on micro-managing will disrupt the rhythm of employees. Though managing the present is important, fixating only on one aspect hampers the growth of your business. It is like being bent on opening a closed-door when your house is on fire instead of running out via any other open door or window. Similarly, instead of micro-managing, a leader must take advantage of other employees by delegating responsibilities and trusting people while making tough decisions.
Such trust starts with transparency: a willingness to admit your ignorance, and the track record you have built over years. Building such trust helps you develop positive relationships with your employees and customers. The fact is, a leader may be willing to make a dramatic change, but they aren’t going to make much headway without positive relationships to support that change.
5. Rest, refuel and recover to rediscover the new win
One common mistake most leaders make is determining what to do without considering all the facts. The only thing that is certain about today’s crisis is uncertainty. All the facts may not be available or clear within the expected time frame. However, leaders must refrain from depending on their intuition or previous experience to make decisions. Resilient leaders better cope with uncertainty by continually collecting information and observing how well their response is working.
Read More: Fingent’s Response to COVID-19 Business Implications
Think of it as a long drive where a vehicle needs rest, refueling, and recovery before it continues onwards. In practice, it means that leaders must pause from time to time, assess the situation from multiple vantage points, and anticipate the possible outcome before they act. This prevents leaders from overreacting to new information as it comes in. True, there might be times when leaders will have to act quickly and decisively. However, leaders must take time to stop, assess, and anticipate before making further moves.
Two behaviors that help leaders in this regard are updating and doubting. Updating involves considering the fresh perspective of the team. Doubting involves critically considering if their decisions require modifications, adaptations, or the possibility of discarding. This will help leaders develop new workable solutions.
6. Avoid over-centralization
Situations like this pandemic increase risk, ambiguity, and uncertainty. This may scare leaders into becoming controlling and overbearing. They might create new layers of approval even for minor decisions. This might result in everyone involved becoming less responsive and frustrated with each new constraint. Instead, organize and determine which decision you will make and which you can delegate. Have clear guiding principles and guidelines.
7. Anticipate and welcome structural changes
The current pandemic has accelerated structural changes at a quicker pace. For example, the possibility of remote work was slowly evolving before this. Today though, worldwide, most businesses have learned and understood the increased efficiency of communicating and coordinating over the virtual platform. Keep pace with the changes.
Case study: How Fingent created an inspiring and collaborative digital workplace for Sony Mobiles? Click here to download
8. Do not disregard the human element
The present crisis is so intense because it is affecting people. A leader may forget that the coordinated efforts of their people go into the daily metrics of share price, revenue, and cost. Create an environment where people are collectively motivated to contribute to their shared success.
A crisis such as COVID-19 forces people to think of their own survival first. They might be bombarded with many anxieties concerning themselves, their work, and their families. A resilient leader will ensure a hands-on approach to this instead of assigning such as communications to legal staff. One of the most vital aspects of a leader’s role is to make a positive difference in people’s lives. Leaders must pay careful attention to the struggles people are facing and take measures to support them.
9. Communicate effectively and powerfully
Communication during a crisis is either overdone or underdone. George Bernard Shaw once said, “the single biggest problem in communication is the illusion that it has taken place.” An overconfident talk may raise suspicions about what a leader knows and how well they are handling the crisis. Distance working can create communication barriers as well and a team will look to their leaders for emotional reassurance and practical direction. This makes it important that leaders communicate frequently and thoughtfully. This will assure stakeholders that they are coping well with the crisis. Ensure to make your why’s clearly known to all involved. Let others know about what you are trying to do. Keep communication open and transparent. Communication also means that leaders listen and pay attention to differing opinions. They allow other team members to express their views firsthand.
10. Keep up the routine
Whatever happens, good leaders ensure that their teams are always active, working, thinking, learning, socializing, and innovating. Even if it is virtual, their teams are on the move. When working at a physical location, work involves chatting, socializing, laughing, and making friends. Leaders do well to find ways to do these things even remotely.
11. Welcome feedback
The most resilient leaders are concerned not only about their personal development but are more interested in the development of others. They recognize that everyone can contribute better if they learn from their strengths and weaknesses. Sharing constructive criticism plays a major part in this as well. The leader who welcomes feedback, negative or positive, is most likely to coach others well.
Leaders, you are models
Across the world, COVID-19 is testing business leaders in every aspect of their role. The consequences of the present pandemic could last for a long time. It could present greater difficulties than anyone could ever anticipate. Resilient leaders focus their attention on leading beyond the crisis toward a more promising future as they manage the present well. The prolonged uncertainty and ambiguity are added reasons for leaders to embrace the best practices discussed in this post. The best leaders establish and reinforce behaviors that can support their organization during this crisis and after.
Read more: Business Process Re-engineering: Facing Crisis with Confidence
Contact us to know more about how Fingent’s leadership supports customers to ensure business continuity and enables employees to engage effectively during the current pandemic.