Leadership in Business Crisis | High Growth Knowledge Company
The last few years for business have seemed like one never ending crisis! We suffered a pandemic and adapted to working from home. We have supported our allies in Ukraine whilst adjusting to rising energy prices. And now we are on the cusp of another recession.
It just doesn’t seem to end.
But we must stand firm and prepare for what’s to come. Leaders must focus on how they can help their businesses thrive and we have come up with a few tips that can help you.
Invest In Your People and Marketing
During this time, you may see competitors pull their funds and limit training programs, reduce marketing, and stop all R&D.
This is a mistake.
You need to take this time to invest in your marketing and your brand, make sure people know who your business is and that you’re flourishing in these times of crisis, which will help you to stand out from the crowd. Employment is also at an all-time low and your team, particularly the younger generations, will look to jump ship if they feel undervalued and unsatisfied with their work environment. Focus on developing and offering training to your people to show that you care about their personal progress and build a work culture that they will not want to leave.
Foster Innovation
Focus on innovation within your core areas of expertise. Encourage your people to come forward with exciting ideas and foster a culture where innovation becomes second nature. This will help your profile rise as your competitors fall because they have stopped marketing.
Peter Drucker, (often viewed as the father of modern management thinking) said:
“Because the purpose of the business is to create a customer, the business enterprise has two – and only two – basic functions: marketing and innovation. Marketing and innovation produce results. All the rest are costs.”
We at hgkc strongly agree with Peter and encourage our clients not to withdraw when facing a crisis but to focus on building their business and strategic growth. We are hosting a roundtable event – How To Thrive In A Recession – at SquareWorks Bristol on the 29th November from 8am-10am. Book your space and join expert speakers, insolvency practitioner, Samuel Talby (Undebt), finance and accounting specialist, Paul Netto, (Equifino and hgkc Associate Partner), and innovation expert, Kim Jones (hgkc co-founder), who will be exploring and identifying opportunities for growth within a recession.
Sort Your Accounts
This may seem like the obvious answer but ensuring your finances are in order is vital during a crisis. Prioritise installing back-up lines of credit and getting your costs under control. Ensure that you have a financial team who know what they are doing and if you are struggling do not be afraid to seek external help from a consultancy.
hgkc also have a range of podcasts on their channel Finding Your North Star, where the late James Short has recorded multiple recordings on thriving and leading in a crisis. Listen from our website and don’t forget to book your space on the hgkc roundtable next month, we are limited to 15 spaces, so make sure you book yours as you won’t want to miss out on the discussion.
