Normal is not where you left it.
Many business leaders
hope to return to the pre-recession basics of running a
profitable business. They hope to get back to normal.
The recession ended officially and the economy is
recovering. However, a business reset does not
guarantee success. A return to the pre-recession
business model may prolong the ultimate demise
for many businesses.
The new normal means a post-recession, different
business model. Today companies need to rebalance
not reset. Leaders adopted severe austerity
measures to survive. Now they face important
decisions about how to move forward in a tenuous
Only yesterday at a meeting of local entrepreneurs,
one business owner said, “My business felt the
downturn significantly. I doubt that things will
ever be the same again.”
In their survey of 334 executives in large companies
worldwide, Deloitte found that leaders are rebalancing
the way they do business in order to prepare for
the next decade. In their analysis of the data in
“Talent Edge 2020: Blueprints for the new normal,”
Deloitte says “…corporate leaders are struggling to
find the appropriate equilibrium between austerity
measures designed to meet the new economic realities
and the need to invest for future expansion.”
Apply these universal principles to your business:
1. Get a good crystal ball.
Pay close attention to trends
not only in the global economy but also in the emerging
workforce. As senior leaders leave taking their
knowledge and experience, younger players emerge.
They have different expectations and different
priorities in the workplace.
2. Kiss the frog.
Find the right talent for your business.
Companies around the world are competing for the
same talent. Be prepared to search until you find
someone who is a great fit in terms of skills,
attitude and ability.
3. Develop, train and retain.
Invest in developing
the talent within your company. Prepare them to
do the job that maximizes their talents. They
will be happiest and most productive here and
will benefit your bottom line. Create financial
and non-financial incentives to retain talent.
4. Innovate and create.
Customers want products
and services that meet their needs in the new
economic realties. The new normal affects
everyone. Concentrate on innovation that
serves your customers. What problem can
you solve for your customer profitably? Do
you have people on your team that can lead
Accept the new normal and look for its opportunities.
The choices you make in your business today
determine your future. You are building the
future now. What is your plan for the new normal?
© 2011 Ann Elliott All Rights Reserved