JFK once observed that the word “crisis” in Chinese is composed of two parts; one represents danger, the other opportunity. He was correct. A crisis presents a choice for all and in how each reacts.
Without being political, the present leadership context as concerned many of all sides in relation to the seemingly lack of any real new ideas to cope with the cost of living crisis beginning to raise its head. It is arguably a crisis which may threaten many more than even the Covid pandemic did as it is estimated that all those on salaries of less than £100k will see an average £400 less available for spend.
There are fires starting all around and yet there appears to be so few companies who have been able to innovate, change and prepare for the challenges to be faced.
Why? Why are not more companies innovating?
It is a question being asked especially in relation to the likely recession. Many are privately saying that their own companies are simply not ready for the challenges to come.
Research suggests that less than 30% of executives feel a confidence in being able to adapt and take an opportunity. So what can be done?
The problem is two-fold.
1 Despite the pandemic and all the challenges it did present to companies, still too few thought deeply enough or adapted their models. There was a belief that it would pass and all would be fine. In hindsight, it was a good training ground for the challenges to be faced today but may be were not taken.
2 Business is too controlled today and process does create both barriers to new ideas, to innovation but also to empowerment.
This could be a moment to almost tear up the rule book and start to think differently.
What can be done?
- To support employees during this most testing of moments?
- How can pricing models be adjusted?
- How can we empower more once again?
- Can new strategic groups be set up to find new solutions within each company?
- What more can each person do to support another?
There will be opportunities but it will require fresh thinking and energy. It is going to be testing and challenging but there will be those who do rise out of the crisis strongly.