Three Tips to Help You Shift During Uncertain Times
The world has been experiencing a period of uncertainty for a few years now. However, it seems that we are still struggling to navigate through it effectively. The situation is continually changing, and new challenges keep arising. As a result, leaders are being forced to reflect on themselves, re-prioritize, re-strategize, and enhance their cognitive agility at an unprecedented rate. And do more with less. At the same time, the level of psychological safety in organizations is decreasing due to the constant pruning and fine-tuning of their numbers. In the 1980s, the most successful leaders of major corporations recommended pruning an organization at least 10% or more each year. Unfortunately, many organizations have been doing the opposite of that, resulting in the rose bushes being hacked instead of pruned and manicured.
What position should leaders take and what type of mindset shift should they adopt during uncertain times? This type of economy may be new for many leaders, but some seasoned leaders have navigated similar situations before. It's important to remember that the economy is cyclical and cannot always be robust or flat. Therefore, we must learn to adapt and ride out each wave.
During an economic downturn, it's important to take a step back and evaluate your skills, assets, and spending. This is a good time to cut costs and get rid of anything unnecessary or unproductive. It's important to analyze where you're overspending and see where you can adjust. Time is precious, and we only have 24 hours in a day, so it's important to make sure you're investing your time wisely and getting a good return on investment.
In this economic stage, it is essential to invest in yourself as you are the true asset that your organization hires. You contribute to the well-being of your family, church, and community. How are you applying your faith and how is your faith supporting you right now? If you do not invest in yourself or maintain your well-being, everything, and everyone around you will crumble or suffer.
Here are 3 tips to help you shift during these uncertain times.
TIP #1. Ensure you are not leaving anything on the table. Take advantage of everything offered in your compensation package and amenities offered by your company. Do they offer educational or training reimbursements? Do they offer online training courses, webinars, coffee chats, mentoring, or coaching programs? Each of these perks costs organizations millions of dollars each year and it is often the first to get cut from the budget. If it’s still available, get it! Be intentional about building relationships and networks. Professional and personal development requires a sacrifice of time, effort, and money. However, it can yield short and long-term benefits and better positioning as the organizational pruning continues. Worrying and complaining in a huddle with others is wasting precious time and energy.
TIP #2. Research future information about your industry, area of expertise or interest. You know what is happening in your industry today; however, what is it projected to look like 5-10 years from now? This is where leaders must sharpen their strategic foresight skills. Investors buy stocks and securities at low prices and sell high for profit. Where is your industry trending or pivoting? What skills or knowledge will be in demand shortly? How will artificial intelligence (AI) impact your industry and what can you do now to ensure you are a major player in the game? Quite often, you can find out by inserting your industry or topic of interest in a search engine for 2027 or 2030. Frequently, there are major global consulting companies who have already done the work for you and the consulting reports are available online.
TIP #3. Consider creating and designing additional streams of revenue by exploring innovative ideas. Your skills and talents can be utilized in multiple ways, but often we limit ourselves to just one. Have you thought about ideas that can be trademarked, patented, or sold remotely and globally? Additionally, have you considered your children's potential? Some clients have noticed their children's marketable skills and have encouraged them to present their ideas in a weekly board meeting, which promotes discipline, strategic thinking, and critical thinking skills. Children are intelligent and can quickly learn to produce more than they consume.
By paying attention to where we are allowing our resources, faith, money, time, and effort to leak in unproductive ways, most of us can do more things to contribute to our spiritual, mental, and financial well-being.
Learn more in my newly released book titled, “THINK Globally LEAD Strategically.” ~ Dr. PMaddox