I remember being at a conference of futurologists in the late 1990s and hearing experts predict that mobile phones would soon be integrated into accessories such as watches, and that, by 2020, the most valuable skill in any career would be the ability to engage and communicate, as everything else would be automated. At the time, this seemed far-fetched, but fast forward to today, and we see that prediction becoming reality.
Some of those changes took decades to happen, but today’s leaders don’t have so long to plan and adapt. Competitive advantages will come from a leaders’ ability to be agile and combine technological expertise with emotional intelligence, reactive problem-solving, and creativity to drive business success
The business landscape is constantly evolving thanks to external factors. Whether it is the impact of Trump’s policy announcements around tariffs; rising taxes and costs resulting from the UK’s Budget or the emergence of AI, leaders need to be more adaptable than ever.
Here I look at six ways leaders can adapt to the fast-paced changes to maintain growth for themselves and their business:
1. Stay curious
The MD of a growing digital consultancy in the construction industry recently said that the biggest blocker they come up against is senior leaders in the industry not being open to the potential benefits of new technologies.
It takes a strong leader to recognise when they have gaps in their knowledge and put faith in experts to implement processes in areas where they lack proficiency. Admitting what they don’t know and staying curious fosters trust and reinforces a culture of continuous improvement.
2. Continually Test and Acknowledge Progress
A CEO who had a key team leader leave unexpectedly looked to fill the void temporarily by giving junior team members more responsibility whilst he looked for a replacement. However, as this junior team rose to the challenge, the company realised they no longer needed an external hire. Instead, they provided mentoring and empowered this emerging leadership team, recognising their efforts and reinforcing a culture of accountability.
As Simon Sinek says, “When people are financially invested, they want a return. When people are emotionally invested, they want to contribute.”
People will embrace change and rise to a challenge when they are tested, and their progress is acknowledged and rewarded.
3. Be Open to Constant Reinvention
Today’s business environment is defined by disruption, uncertainty, complexity, and speed of change. Leaders must embrace continuous reinvention.
As Jeff Bezos, CEO of Amazon, puts it: “When what used to be a tailwind is now a headwind, you have to lean into that and figure out what to do.”
Residential agency is a classic example of the evolution of property advisers, many traditional agencies are needing to adapt as their best people are leaving to join more ‘broker led’ companies similar to those in the USA and Australia. With cutting edge technology and marketing, they are enabling their brokers/advisers to do what they are good at and spend more time with clients and increase revenue.
AI is already embedded in many business functions, but the businesses that will grow fastest are the ones who don’t just accept it, but embrace innovative ways to use it to enhance their service.
4. Predict and Manage Change Resistance
Speed is central to agility, but without engagement, executing change can be slow.
A newly appointed COO recently hired digital experts as part of their growth plan. Long-serving employees feared they would be replaced and resisted the changes. The leader had no such intention of replacing them, yet his lack of awareness nearly derailed the transition.
Even if your vision has been communicated, invest time to understand employee concerns and clearly communicate your intentions to give people the security they need to embrace change and play an active part in its execution.
5. Don’t forget the human touch
Even if technology can replicate efficiency, people still seek human interaction – which is at risk of becoming a luxury.
We have all had experience of the chatbots that don’t answer the questions in the way you want. It leaves you frustrated. I know I personally have chosen banks and other service providers based purely on the fact that they offer human interaction when others don’t.
Doing ‘the job’ is one thing, but to become a trusted adviser you need to understand the values of your customers and what is important to them – and you can’t do that without talking to them. It is easy to assume what clients need in response to changing market conditions. As well as having meetings to report back on activity undertaken, ask: ‘ What new challenges are you facing and what can we do to help?’.
This is the difference between simply providing a service and becoming a trusted and valued partner.
6. Be creative to retain good people
We all know the challenges of promoting the highest fee earner to a management role which they don’t enjoy, only to find morale and productivity go down due to the lack of time spent on developing their team
Smart, agile organisations are aligning career paths with peoples’ strengths and client needs.
A global insurance company created various career paths to promotion recognising that some people excel at client engagement or business strategy, while others thrive in leading and developing high performing teams. Providing roles that leverage these strengths retain good people and drive business success.
The CEO of a property development company promoted his top performing salesperson to the board and gave them responsibility to manage a team to grow a new area of the business. He was surprised how hard the transition had been for them because they had failed to recognise the core strengths of this individual and play to them.
Predicting versus reacting…
In 2017 Jack Ma, Founder and Chairman of Alibaba evoked the idea that in 30 years Time Magazine’s CEO of the Year will be a robot. Who knows whether this will be a reality.
What we do know is that agile leadership is not just about reacting to change – it’s about anticipating it and finding new ways that can enhance your business whilst retaining connection with your customers/clients.
Lidl the German retailer is integrating a pub into one of its Northern Ireland stores. They want to move beyond just being a supermarket by positioning itself as a community destination, a place to unwind before or after grocery shopping and mingle or simply kill time.
Customers will determine whether the move will be a success, but this initiative shows its willingness to experiment with new ways to understand their local customers.
Whether your business is large or small, those leaders who invest time in creative problem solving, embrace technology while staying close to their customers, have a commitment to continual learning and recognise the importance of the personal touch, will have a competitive advantage.
If you are a CEO or leader who wants to be at the top of their game, our bespoke executive and team programmes are designed to challenge and provoke creative thought for growth and competitive edge. To begin a conversation, please contact Oona at team@potentialplus-int.com
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