The New Normal: What Does that Mean for You?
No doubt, the last year has been rough for all of us. And none of us know for sure when things will officially “turn-around.” It varies by industry and sector. The good news is that you have made it this far and have taken important actions: eliminated things that aren’t adding value, reinforced relationships with best customers, and upgraded your team.
Now, you are ready to capitalize on the recovery… it is time to avoid the tendency for “bunker mentality” and start thinking about how to GROW! Yes, growth. Effective leadership and investment in creative solutions to traditional challenges can help organizations accelerate their performance relative to those who work harder but don’t have a new vision. {+}
Many experts agree that the “New Normal” is little more than the ability to understand evolving markets and anticipate the needs of our customers. In the last year, most customers have responded to the message of “help me save money” or “help me make money”. Smart leaders have adapted their messages to demonstrate how they do that. But what about companies like Apple who continue to release new products which might not save or make money but are interesting, effective in accomplishing old tasks in new ways, and just plain sexy? People are gobbling these up without the message of “make money” or “save money.” How can you do the same in your world?
In fact, one lesson may be that last year forced us all to make adjustments in inefficiencies which the market has let us get away with for a while. The new conditions present an opportunity to emerge with new solutions. As a strategist, it is my job to see opportunity in advance of the market. As a leader, you share that same opportunity–to anticipate what would be a valued evolution in your market, providing improvements to the way things are done and escaping the status quo. And, now is the time.
As Seth Godin points out, “if you don’t challenge the status quo, you can’ t be made fun of, fail, or be laughed at.” So what do we do instead? “Appear busy, while not really doing anything?” That, obviously, is NOT the way to grow and take advantage of the many opportunities this new market presents.
As long as there are financial markets and consumers with independent minds, we will have market shifts, and the “new normal” is a continuation of the challenges we all face in marketplace change. Only you know if your market is in need of a transformation (such as in banking) or an evolution (such as in home-building products). But, be prepared to look for competition in new pockets as this current market encourages more experimentation and innovation. We have dealt with market change for well over 2500 years–needs remain fairly constant–but how we solve for them certainly does not!
As Heraclitus observed, “you cannot step into the same river twice.” So, for many years, we have known that markets reset, change, self-regulate. We are faced with a great opportunity to challenge ourselves to move ahead–leap frog even our competitors–through strategic and creative leadership.
Let Reynolds Consulting, LLC help you define your culture as an important stepping stone to next year’s plan. Call us at 816/350-7680 or 615/783-1626 or email mreynolds@reynolds-consulting.com. Also check out our website, blog or twitter page.