Avoiding the Next Hit
You probably have a lot on your mind right now. So much so, that it is tough to think about anything else.
What can I tell you that will make a difference – worth the time to let your mind go for a few minutes and read this newsletter.
I can let you know what other business owners and executives are thinking about – and what they should be thinking about.
And who is the one source they can go to right now for clear direction. How about that? You guessed it – the number one issue on leaders’ minds is the tariff mire.
What does it mean to sourcing materials, how will it impact costs, and then where are our customers.
How to keep surviving?
All that and then the economic uncertainty and how to survive it all – do they have the capital and cash flow to make it through the rollercoaster. And lastly, despite it all, where are the employees they need – there are shortages to get the things done that need to get done to get whatever they can to customers.
It feels very heavy. In fact, the pressures raise stress levels, and everyone feels overloaded, making it tough to think clearly. And that leads to reactive decisions with high emotions and biases.
Everything becomes short term. This likely sounds familiar to you. But what should you be thinking about? Without question, how to adapt to economic and tariff impacts should be front and center. But then it should be about investing in technology (you guessed it, where AI can make a difference for you and your business and employees), and then developing your workforce.
And yet, the siren song of the trumpeting all over the media is challenging to ignore. Which means we underestimate the benefits of AI to make a positive difference and overlook the wellbeing of employees.
Sadly, we will repeat the past – being reactive rather than proactive, focusing on cost-cutting instead of strategically managing cashflow, and trying to feel in control by seeing what is in front of you, the short term.
The result is continued sliding productivity and profitability and declining competitiveness.
We can do so much better, though. Think about boxing (I know, where did that come from – well, surprisingly, I take boxing training each week and have learned a lot about life and business in the sessions). If I take a hit from my boxing trainer, and I react quickly, I set myself up to be hit again. Like they say, I walk right into it.
But if after the hit, I pull back and quickly get perspective, I can see my next move. I don’t want you to take two hits in a row. My advice – step back and take perspective. And the one source of your best view on your business overall are those you likely do not ask – your employees. Right, your team and workforce know what is going on – they see your processes, your suppliers, your customers, and your risks and your opportunities up front.
They would love to help, provide their ideas, and be a part of the solution. After all, we are all in this together. You just need to ask them. I believe the hidden assets of every business are the perspectives of employees. Given the room (such as through an anonymous survey), they can let you know what is really happening inside of your business and how to find the way through the messy times.
You do not have to be a martyr, solving all the problems for everyone else. One of the greatest signs of a strong leader is asking questions and listening. Breathe, be curious, and take the time to ask your people for their unfiltered thoughts on getting through these tricky times.
Find out about customized employee surveys to uncover your greatest assets by touching base with me at michael@workinsights.io.