Another month of social distancing and staying home has passed. I sincerely hope you and your family are well and we all get through this quickly. This has been a learning experience for my family. We’ve had to adjust to working from home, and home schooling. It seems every day is the same routine. While there is a lot of talk about a “new normal” when the economy re-opens, business fundamentals won’t change. Sure, some social constructs might change. Handshakes might be less frequent, and people might be washing their hands more frequently (which is good). But the underlying fundaments of selling, producing and delivering a service or good will remain constant. Today’s post will review how your business can continue thriving during change.
Thriving During Change
Companies that will have the strongest recovery – and THRIVE as business norms change – are those that can best adapt to change. This is true now as we deal with the effects of COVID-19 and true under so called “normal” conditions. Businesses are either growing or dying, and growth means change.
The steadfast truth is things are always changing. Market trends change, consumer behavior and desires, technology, all change. As a business leader, it is YOUR JOB to manage change. How well you deal with change, and how well you can enlist your team to embrace change will determine how successful you’ll be in a post pandemic economy — thriving during change.
Responding to Change
When it comes to change, you basically have three typical ways to respond.
- Proactive: Proactive companies generally cause change through market innovations or anticipating and creating consumer needs. Companies like Amazon and Apple, who drive consumer behavior, would fall into this category.
- Reactive: Reactive companies typically respond to outside changes. Their ability to survive is dependent on how quickly they can react.
- Non-Active: These are the companies that resist change, pretty much to their own demise. Their motto is “We’ve always done it this way and we’ll die doing it this way”. Which is an unfortunate truth.
NOTE: I have seen companies that were in the proactive category, get complacent and quickly find themselves in the non-active category. Don’t let that happen to you!
The COVID-19 pandemic is causing change on a massive scale. This is a life defining moment for you and your company. Most business leaders I know have some contingency plans for when things get tough. I haven’t met a business leader yet, who anticipated a global pandemic that was going to shut down the world economy.
That’s the bad news. The good news is that EVERYONE, including your competition, is dealing with the same problems. Everyone is reacting to the current economic situation. How you react will separate you from your competition.
Role of Leadership
There is a sense of urgency here. Companies are ALREADY DYING. You cannot wait until things recover to act. You must be doing it now. You must strategize, adapt, and execute FASTER than your competition or risk BEING LEFT BEHING AND DYING. It is that simple.
Your businesses future and your career could very well be at risk here. It is your leadership and your team’s ability adapt to change that will determine how successful you are moving forward. So, what do you need to do?
- First state your vision by describing what recovery looks like, in clear terms that everyone understands and can repeat.
- Identify what needs to be done to fully recover. Develop a strategy and a roadmap.
- Share how everyone contributes. Your employees and team members are along for the ride. Make sure they understand how they can contribute to the recovery.
- Build on Individual Strengths and your existing culture to separate you from your competition. Your competition can mimic your products and compete on prices. The individual strengths and culture of your company is what differentiates you from your competition.
That is all the leadership part. That is all on YOU, and your leadership team. Don’t do this in a vacuum. How you make decision, and how you get stakeholder commitment will be key to making change.
Maximizing Your Team
Now is time to execute. To talk about this, I am going to pull a page from Entrepreneurs Operation System or EOS. You can learn more about this system by visiting their website. https://www.eosworldwide.com/. I can help connect you with an EOS consultant if you are interested.
One of the pillars of EOS is getting the right people in the right seats. They use a tool called GWC.
- Get it – Does he or she get the ins and out of the job?
- Want It – Does this person genuinely want to do the job?
- Capacity – Does the person have the mental, physical, spiritual, time, knowledge and emotional capacity to do the job?
Having people aligned with the tasks they need to perform helps with increasing motivation, drive, productivity and profits. You’ll also see better results and a more committed and dedicated team.
This Month’s Challenge
The unfortunate truth about the economic impacts of this pandemic, is not all companies will survive. What you do now will not only help ensure your survival but will help you continue thriving during change in the post pandemic economy.
You’re not in this alone, we’re here to help. We can help you come up with strategies, execution, processes, tools, or whatever help you need, we’re here.
As always, if you need help, please contact us to learn how we can help!
I encourage you to check out the Thrive Performance Group and join the discussions Tuesday afternoons.