In this article you will find
- -What the present and future business-world holds for you as the Top-Leader
- -30 Questions that as the Top-Leader you must find answers for – if you want to survive
- -10 Broad action steps – those you must expand and customize to make it useful, implementable and practical
- -18 Qualities to look for in your successor AS WELL AS POLISH IN YOURSELF
- -9 Basic Understanding that you must imbibe to ride over this crisis
If you are the Top-Business-leader/Entity-head [a person with whom the buck finally stops for everything that happens to the business you are responsible for] – you are fully accountable for all the issues relating to the losses, the profitability, the survival, the growth etc. etc.
Even if you were in the complete control and doing very well - In this post corona world – you might be realizing that you are facing your biggest and most complex, complicated and toughest test right now.
The Worst is Yet to Come.
There is a famous saying – "Even if you are on the right track – you would get run-over if you just sit on the track".
But in the new-normal post-corona world – there are hardly any right-tracks OR for that matter any track to follow.
Most of the massive challenges you are facing – does not have any reference or rule book available.
Our outlook and perspective have undergone complete transformation as to how we view - our work, travel, leisure, health, social relationships, spending-habits and family-relationships etc. etc.
Most of us have to acquire new skill-sets - as many of our old ones would become meaningless as well as redundant.
As an entity-head - you will have to rewrite, redesign and reinvent the future – and completely newer ways for the new normal.
And if you try to do everything all by yourself – probability of your falling flat on your face and failing will be very-very high.
Therefore, you need to have a team of your top people who have to be made totally made redundant like yourself – so that you along with them do the supposedly impossible task of leading your business to possible success.
30 Questions that as the Top-Leader you must find answers for and focus on
Please also correlate with my three earlier articles - CEOs Business Challenges Today https://successunlimited-mantra.com/index.php/blog/ceos-business-challenges-today + Essentiality of Redefining Your Future Right Now https://successunlimited-mantra.com/index.php/blog/essentiality-of-redefining-your-future-right-now-1 + What to do if you lose your job now https://successunlimited-mantra.com/index.php/blog/what-to-do-if-you-lose-your-job-now
- 1.Finding out what you can do to generate revenue
- 2.Creating a robust cash-flow management plan and controlling it directly
- 3.What are going to be the skill-set that you and your employees going to need
- 4.How to make sense from ambiguity
- 5.How to be innovative enough to find the most effective marketing channels, marketing tools
- 6.Understanding and finding the newer buying needs of your customers
- 7.Understanding the newer buying habits of your customers
- 8.Finding out how you can operate with the minimum manpower and maximum technology
- 9.How to reduce the cost to the minimum
- 10. How to redesign, rewrite reinvent your products, services and offerings to suit the new business and economic culture and environment
- 11. What value proposition that you can create for your clients
- 12. How to manage your debtors and lenders
- 13. What position would you attain after this pandemic has eased down to find the directions where you are headed
- 14. Should you shut down the business and reopen – when things are better – would you be able to regain the lost ground
- 15. Are you going bust and on the way to be bankrupt
- 16. What can you do to emerge as market leader among your competitors and in the mind of your customers
- 17. Can you initiate developments during this crisis to emerge as more resilient organization
- 18. What type of strategies and planning would help you bounce-back OR survive
- 19. What completely new projects you can launch with your existing capabilities– which also makes business sense
- 20. Which capabilities you need to develop to survive AND which ones you need to remain growing in future
- 21. Which are the critical resources that you must guard with full control
- 22. Which type of new employees can add value to your plan
- 23. Which employees and how many of them - you would need to let go
- 24. How best you can manage your resources
- 25. How you can fill the resource gap and crunch
- 26. What are your top-most priority – run business, pay employees, pay vendors – which one to hold and which one to give
- 27. How much you and your team and your organization is ready for – to execute new planning and strategies
- 28. And most important how can you remain sane, cool and with minimum viable stress
- 29. Because of this immutable need – you need to create succession planning at all the major decision-making levels on war-footing - CHOOSE PEOPLE BASED ON THEIR INNOVATIVE, DISRUPTIVE, LEADERSHIP TRAITS AND QUALITIES
- 30. In case you don't do it – you will find yourself overwhelmed with such operational tasks that you will cease to be a leader anymore.
10 Broad action steps
- 1.Events are unfolding with astounding speed, and the picture changes on a daily basis – therefore being updated with the latest development acquires a new power
- 2.Think critically about the source of the information before acting on it – beware of information overload
- 3.Don't just assume that expert opinions and their forecasts is sacrosanct – as they differ – so you must use your judgement, intuition and gut-feeling
- 4.Constantly reframe and challenge your understanding of what's happening and your assumptions – be as flexible as you can
- 5.Ensure that you cut the red-tape completely
- 6.Empower your people with skills, resources and authorities to enable them to take crucial decisions
- 7.Using this covid19 crisis to get your entire organization prepare for the readiness for next crisis (or the next phase of the current crisis) now is likely to be much more effective than an ad-hoc measures
- 8.The possibilities of your high-potential employees leaving your organization - in this uncertain world is also too large – as many businesses will be looking for sure shot-winners – preparing for successors for all the critical roles should be among your top priorities
- 9.Bring a small team together and share the challenge with them- Brainstorm all possible solutions and then as a group narrow them down to those that most believe are most feasible to implement and stand a good chance of solving the problem. Evaluate your top three and create an implementation plan
- 10. Create few champions, some sponsors and lots of owners for all these action plans
18 Qualities to look for in your successor AS WELL AS POLISH IN YOURSELF
- 1.They should be original thinkers
- 2.They should be the skeptics who challenge almost everything
- 3.They ask why it can't be done other way and suggest different methods
- 4.They come out with simple, implementable yet effective solutions
- 5.They get excited with ambiguity and can create clarity when there seems to be none
- 6.They don't give up till they find a way
- 7.They can view things from various perspectives and angles
- 8.They get ideas – which at the time looks ridiculous – but few of them seems very helpful when options run out
- 9.Routine stuff bores them
- 10. They are passionate about learning and when facing something that they don't have any idea – they spend time to understand
- 11. They don't have ego and learn from everyone
- 12. They pivot fast – when they find their ideas, process or methods are not working
- 13. They don't have any hesitation in admitting that they have made mistake
- 14. They are able to work solo as well as in team
- 15. They are always talking about future trends
- 16. They experiment a lot
- 17. They are not bothered by failures – instead failures motivate them to try even in more uncertain areas vigorously
- 18. They get charged by challenges
9 Basic Understanding that you must imbibe
- 1.You must decide, take action, make your team follow you – to manage your attempts to absorb losses, create steady cashflow and balance the competing and conflicting needs of your customers, employees, vendors and investors – all the while dealing with hugely volatile markets, consumers tightening their purses and totally uncertain and countless unknowns of supply chain.
- 2.Because there cannot be a single and correct way to handle this effectively – it is impossible to keep all the stakeholders happy and satisfied.
- 3.Even though the magnitude of this crisis is unprecedented - as per the basic nature's law – every crisis is embedded with large invisible opportunities.
- 4.In these times of completely disruptive and shattering VUCA environment too – there would be businesses and people who would outshine and come out as real winner.
- 5.But as the top leader you must choose whether you would go for quick profiteering [there are few businesses which are doing it already] or use your power to add value to community, people and society[even this is being seen in many quarters].
- 6.If you have not felt it yet – you may get to experience that in long run employees and consumers reward those businesses that uphold higher human values to promote larger than life social-mission regularly.
- 7.Yes, this phenomenon is neither certain nor guaranteed AND also it would actually impact your profits while adding to your cost in short-term – but it may be your best bet to become a legendary leader who had lead their business to the greatest height possible.
- 8.All responsible leaders ensure to do everything within their power and area of influence to protect their employees, customers and dependent society
- 9.The greatest business leaders always serve the societies during catastrophic human crisis.
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