Why is your business not growing ?
We are in the last quarter of 2022. Admittedly, Q2 and Q3 have been perhaps the mostly challenging times we have ever seen. Businesses have struggled to stay afloat and survive. For some businesses, success might still be about survival, but for others, it is time to think about growth. The end is no where in sight, so what next ? While we all are aware of the external environment, are there internal reasons why your business is not growing ? Do you have a strong and decisive leadership at the helm to lead in times of uncertainty ? Do leaders have complete clarity and confidence in what they should be doing next ? Maybe yes, maybe no ? So here are some potential areas where your leadership team could be struggling and that could be one of the many reasons why your business is not growing
Prisoners of the pastMany leaders are still caught in the old hierarchical mindset and are not able to move away from their past and the old way of working. This limits their ability to think new and afresh. Lack of fresh ideas and perspectives hampers your team and business growth. Behind this resistance to change is fear – fear of failure, fear of commitment and fear of the unknown. In certain industries, leaders have only known a particular way to work and operate. This has been challenged in the current times. They do not realize that what got them here will not help them move into the future. This resistance to change is and will continue to impact their ability to lead their teams and their businesses in the future.
It’s time to let go of old way of thinking and doing
Lack of future thinkingMany leaders are great in execution and continue to excel in this area. However, these are times where focus has to be more on outcomes. Leaders need to take a step back and think about what is that they really want to achieve in the next 6-12 months. Being busy does not lead to productivity and productivity has to be linked to the desired outcomes. There is also a strong need to break functional silos and collaborate cross-functionally. This is again an area where many leaders struggle. They are great functional leaders but not able to think broadly at an enterprise level. This lack of cross-functional collaboration impacts teamwork and business growth Some leaders are not able to think beyond the current and anticipate the future. They are caught too much in managing day to day. Less focus on strategy and future planning impacts your growth prospects as well as your organization’s ability to absorb any future impacts
It’s time to break functional silos and take a step back from day to day to plan the future
Lack of trust and empathyMany leaders are finding it challenging to sustain the connectivity with their employees. Connectivity is not about being online all the time. It is about having real conversations. It is about being authentic and genuine and caring for your teams. In the virtual world, some leaders are not able to build trust and empower their teams and hence, end up micromanaging people. This impacts their ability to make meaningful connections and hence find it difficult to keep employees engaged and motivated, This will eventually cause potential attrition and lower employee productivity
It’s time to connect authentically with true intent
Inability to manage selfFinally, like everyone else, leaders have been stretched in all directions in the last several months. Despite being at home, many may find it difficult to effectively manage time and work-life balance. Constantly managing expectations from multiple stakeholders is not easy and not being able to slow down causes constant pressure. This will eventually lead to a potential burnout, which will impact their productivity, personal well-being and business decision making
It’s time to slow down and focus on self-careHope you find this useful. Where else do you find leaders struggling today ? Where are you struggling today ? #leadership #ceos #chro #management