Building Your Future Now

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 business environment. 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 the innovation? 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