The Next Big Thing

Is your firm positioned to succeed?

Many people can handle a management role when everything is running smoothly.

But what do effective leaders do when things are in flux? Do we have a plan to handle changing market conditions? What happens if the tech of our main revenue stream gets eclipsed by a new development, like Kodak when digital cameras became mainstream?

Change is inevitable. As leaders, we need to make sure we don’t keep all of our eggs in an obsolete basket.

Talk to your staff about where they see the industry heading and what opportunities for growth they see coming. There might be some training or research opportunities, and you may find yourself training the people who will grow a new revenue stream.

Talk to your clients. What do they need? What do they want? Is there something more you can provide?

Stay up on your industry. Read publications. Attend conferences and Zoom lunch-and-learns.

Consider the traditional SWOT analysis — your firm’s Strengths & Weaknesses as a company, and the Opportunities & Threats that a change in the market, the economy, the political landscape, emerging technology, etc. might bring.

Ask yourself — and possibly your strategic planning committee — how to apply your strengths to those opportunities, and how to bolster those weaknesses so they don’t drag you down. Prepare to handle the threats defensively. Use a cost-benefit analysis to figure out where small changes can have large benefits, and where small investments can protect against catastrophic damage. Those are good places to start.

Preparation is key to long-term success.

“The general who wins the battle makes many calculations in their temple before the battle is fought. The general who loses makes but few calculations beforehand.” ~ Sun Tzu

(Photo by Benjamin Suter on Unsplash)