The ONS reported last week that the UK economy fell into recession at the end of last year but it’s not all bad news. Overall, the economy grew across 2023 and the dip isn’t expected to last long as wages are rising faster than inflation and the jobs market is strong.
As business owners and leaders, this leaves us in a powerful position. The direction of the upcoming uplift lies in our hands. What are we going to do with the opportunity?
Having waded through years of rapid change and unprecedented challenge, how can we shift from survival to thrival mode?
These 4 mindset switches are from our new book Inspiring Leadership available to download here.
Counter volatility with vision
Constant changes becoming less predictable but happening faster and faster can dent once robust confidence, deepen insecurity and lead to exhaustion. Whether on a large or small scale, it can be difficult to determine cause and effect in the situation we’re dealing with from moment to moment.
- Rediscovering our why allows us to reconnect with what we stand for and why the business exists.
- Establishing meaning and purpose not only helps you to push through when things are tough but also unites people behind you. Everyone is working towards a common goal and the hurdles are part of the pathway.
- This is the time to have meaningful conversations at all levels. Making the space and energy necessary to do this when efficiency is key seems counter-intuitive but being brave will pay dividends.
Rework uncertainty into understanding
When historical forecasts and past experiences are losing their relevance, it can be difficult to plan.
- Zoom out to see the bigger picture. How do the smaller parts add up to fulfil this? What role does each person, team and department play in bringing things together? What information have you lost track of and how do you get a comprehensive overview?
- Start from the result you want and work backwards. Take time to understand how each one of the pieces fits together.
- Be curious about what motivates and limits your people so that you get the very best out of them. Of course, it has always been the right thing to do but it makes business sense now more than ever. Genuinely empathise with their challenges and nurture their aspirations: both career and personal. Don’t just embrace differences, learn from them and leverage the skills and natural aptitudes that come along with them.
- Become adept at uncovering and developing hidden talents.
Draw clarity from complexity
Multi-layered problems lead to multi-layered repercussions. Interdependencies, resource management woes, workforce shortages, rocketing expenses or market movements can lead to intermingled issues that are tough to untangle. Decision-making becomes a complex web of reaction and counter-reaction.
- It’s easy to be distracted when fearful narratives get more airtime than positive ones. Focus on one main thing and be clear on your priorities.
- Stay consistent in your behaviours and values because this promotes the culture you’re aiming to uphold.
Remember that ambiguity begets agility
In times of rapid change, where black and white are no longer so clearly delineated, we find ourselves working in grey areas, and it can feel like the safety rails have been removed. Contradictions and paradoxes abound.
What do you do when it seems like the goalposts keep moving?
Get good at changing direction quickly.
- Times like these call for flexible thinking. How can you encourage and facilitate innovations and creative thinking? What kind of decision-making climate are you creating: one of judgement and criticism, or ownership and continuous evolution?
- Lean into change and be ready to adapt as the context around you changes. Move from a fearful mindset to one of competence and capability. The more you look for opportunities and solutions, the more you’ll see them.
- Embrace failures and learn from them collectively. This is not a time for pointing fingers. You need every member of your team to feel included and valued for their unique skills, talents and experiences. Draw on everyone.
We have a chance to define what the next chapter looks like. Will it be one where we replay what’s gone before or will we grasp the opportunity to rewrite the rules?
It’s in our hands.