Defining Success: How to ride an economic slow-down and come out ahead

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While South Africa was fortunate enough to see a 0.6% increase in economic growth in the second quarter of this year, as consumers and business owners we are still wrought with high costs of living – interest rate hikes, food and fuel price increases put strain on the pocket and on our mental health.

In times like these you may very well be asking yourself, “am I about to lose my job?” or “Is it time to start liquidating?” Are marketing, advertising, and production budgets the first to be slashed? And when it comes to investors, do they believe you will still be in business this time next year?

Companies across the globe have survived economic slow-down and recession by implementing innovative ground breaking solutions based on the idea of partnership between employer and employee, recognising the importance of the role of people within an organisation.

A number of organisations resort to knee-jerk measures by discarding staff in the name of cost-cutting, when it doesn’t have to be the case, and if return on investment is priority, carefully consider the cost of making people redundant and having to recruit people in the future.

Grab this opportunity to involve your people in formulating and driving a shared vision. Ongoing communication to staff is absolutely essential, more so in times of difficulty. Perhaps more than ever this is the time to plug into the staff’s ideas about what measures might be taken to reduce waste and generate new business.

Riding the storm and coming out ahead: Dr Sha’s best practice tips

 Create teams of people throughout the organisation to start a dialogue on the opportunities and possibilities for the organisation. Involving people throughout the organisation provides an opportunity to create a broad view of the future, allowing “collective dreaming”. This fosters and environment of trust and commitment through engaging and giving voice to your people, regardless of grade or status. Ensure this dialogue is part of their work.

2.  In teams or on your own, visualise yourself or your business 5 years from now; as you visualise what do you see, hear and feel? Give yourself permission to imagine yourself, your business in the future.

You will, for now, put aside your thoughts about your current challenges.

If I were writing about you in 5 years from now what would you want me to write about you or your business? The leadership you would work with? The products or movies you will create? The culture and values of the business?

Start taking a step back from the day to day operations management of your business and take on the leadership role of planning for the future.

Develop solution-focused leaders and cohesive teams with our workshop and skills programmes; get in touch today!

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