The only thing that we can rely on to be constant is change. The political environment is forcing rapid change, as we’ve never seen before. Technology continues to evolve, forcing us to embrace it or simply get left behind. Demographics are changing with a record number of Boomers who are set to retire in the next few years, causing anxiety for many about who may be their future leader.
A change in leadership brings with it a distinct change in style. Everyone is unique with their personality type that impacts inter-office relationship dynamics, how departments operate, and how the organization goes to market. There are differences in tastes, motivators, expectations of employees, and even what one views as success or failure. These changes in styles and leadership will become more abundant as newer generations develop and move into leadership roles in the workplace.
The only guaranteed way to be prepared for a leadership transition that doesn’t create culture shock is through forethought and planning. You may not be able to predict the future or know immediately the impacts change in leadership will have on your business, but; you will be better prepared to navigate change as it comes. Consider:
Set a clear goal for your financial future and the future of your business to prepare your key people for any unexpected changes. This may include defining a leadership transition plan for every key position in your organization.
Outline the critical behaviors, attitudes, skills, knowledge, and experience essential to developing bench strength within your organization.
Determine growth and diversification opportunities. A quick exercise to consider is to identify what markets you could easily expand your services and/or what new services you could easily add to your existing market to diversify your customer base or service offering to ride the wave of change. It could involve a variety of other options, and therefore planning for your future is essential as any road can take you somewhere.
You want to be on the road that takes you where you want to go, so set a goal and be prepared for the never-ending and constant world of change.
Contact Us, and we can help you with insights and other resources and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business immediately.
Scenario Planning Guide
We know the future isn’t certain. Experts, scholars, and even economists did not predict the dot.com bubble burst, the financial meltdown in 2008, or Covid in 2019; this is where Scenario Planning comes into the picture.
In short, Scenario Planning helps us avoid two significant planning pitfalls: Overprediction and Underprediction. Both can be barriers to moving to the next level of success.
Download our Free Scenario Planning Guide
The only constant one can plan for is change. Strategic planning positions the business to address the probable, possible, and potential contingencies impacting business success.