All bets are off in today’s murky business environment. Chaos reigns supreme as the economic situation is rapidly deteriorating into unpredictability.
Danger looms on every front pushing us into survival mode. The ambiguity clouds our managerial ability and makes decision-making an extremely daunting proposition.
Imagine having to decide about cost cuts, lay-offs, continuing/discontinuing research and development activities, keeping customers satisfied or cutting prices to increase sales while still keeping your head above water mixed with strategic planning requirements.
But this is not to say that we can conveniently drift into decision inertia either. In fact, taking and executing hard, courageous decisions is the most demanding need of the hour.
As a manager you have to be all the more effective during a crisis by rising to the uncertainty every single day.
What’s more, you can no longer hope to get away with wrong/flawed decisions anymore. One poor decision could very well drop the axe on your job itself.
The choices are difficult and the stakes are high. Yet, there are some well-established tools that can still help you to navigate the adversity as well as prepare you for what’s coming next.
There are ways to deal with this uncertain environment.
When it’s no longer ‘business as usual’, managers have to take the call by being all the more decisive.
Here are a few tips on how to strategise into responsible leadership:
Connect the dots: You have to understand what is actually happening to be able to stay on top of the change. So, do not rely on wishful thinking or hearsay at all. Start compiling detailed information on what is new, what are the challenges and how needs are changing.
This will help you to identify trends and get a basic picture of the complex problems before taking any decisions.
Also, try to get a grip on the potential wrenches and other negative variables that can affect the possible opportunities and solutions and adjust your plan accordingly.
Think now: Things are changing fast. You can no longer afford to think in terms of quarterly plans or annual figures. Concentrate on weekly and monthly strategies when trying to decide on the new challenges.
Yet, do not completely ignore the long-term view, as it will help you to plan and position yourself for the phase of recovery.
Fast and slow: Speed is the key to tiding over the confusion; you need to make fast decisions and execute them quickly. Yet, do take the time to mull over and analyse the situation instead of rushing in with hasty decisions. Along with swiftness, you also need to expend greater thought over your actions.
Be flexible: The old assumptions are no longer sustainable and you need to be flexible enough to change your attitude, thinking and actions. Also, when it comes to meeting the new challenges, do not rigidly stick to a planned solution. Build a flexible approach that can change quickly with the fast-moving demands of any situation. This will help you to adapt yourself according to the requirements and experiment innovatively when coming up with the necessary solutions.
Focus: Effective leadership and decision-making during the recession requires you to be determined, confident, resourceful and systematic. You have to build a sharp focus, discipline and discerning skills on the way so as to be able to handle whatever the future throws at you.
You cannot expect to tide over the adversity in a single-handed manner. Collaborate with your team to analyse the problems, brainstorm solutions and develop successful plans in a collective manner.
There may not be any easy answers, but getting a better handle on the decision-making process will help you to both flourish and emerge stronger from the trying experiences.
Now you are ready to lead your company from a downturn into the beginning of an upturn and will be on a roll when the good times shine again!
After all, remember ‘It is only when the going gets tough that the tough get going’
PAYAL CHANANIA
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