The NoLimits Blog

How to Survive the Market Downturn

Make a comeback faster than your competitors. Rather than sitting and waiting to see what the market does and how things change, take control and be ahead of your competitors by following these six steps:

Step 1: Knowing What You Are About

Many organisations made the mistake during the boom years of being something to everybody. Now is the time to focus on your core products or services. Know who you are, and associate with your identity whether it is an old identity revamped or a completely new one. Make ‘who you are’ clear with your employees, clients and customers. Know what you are about, associate with your purpose, whether new or old and as with identity share your purpose with your employees, clients and customers. Consistent focus is paramount to get your message clear to everybody, as well as to ensure and, maybe even renewed, trust and confidence in what you have to offer.

Step 2: Knowing What is Important

Prioritise in order of importance, what you will focus on. Find out what is most important to your customers or clients, simply by asking “What is most important to you? What are your top priorities?”. Prioritise ways and means of meeting your customer values. Find out what is most important to you and your team. Ensure that your values are aligned to your customer values.

Step 3: Top Teams that Lead

Can the same old leadership behaviour and practices deliver your new or revamped identity and purpose? Most probably not. Assess what development needs are required. For example, if ‘values based leadership’ is required, ensure that all your leaders are fully conversant with how to apply these skills. If you do not do this, your employees and customers will become cynical and say ‘new identity and purpose in old clothing’. Your leaders need to walk their talk and demonstrate that they are totally aligned with your organisation’s new identity and purpose by consistently applying the skills that are required for change.

Step 4: Building Rapport and Trust

Some organisations are suffering a setback in their reputation due to the crisis. Re-assure your customers each step of the way that you are here for them and you know what is most important to them. Re-assure them that you are now more focused and offering a better service than ever. Find ways to reassure your staff that you are re-focused and energised. build engagement by seekig opinions, saying thank you and focussing on future development.

Step 5: Monitoring Results Regularly

Waiting for 1-2 years and seeing how you have done, is not likely to result in significant change and results. Actively set goals with clear measures and tangibles. Monitor your results as you go along. Set up monthly reviews with a small cross section of employees to ensure you hear their views and the views of your customers. Make the communication a two way process so that you are listening to feedback on how you are progressing and also giving information about your progress. The most likely reason for your plan to fail is internal blocks and miscommunication, so make sure you communicate, communicate and communicate.

 Step 6: Following Up

Once you have monitored your results, actively follow up. If what you’re doing isn’t working change your strategy, rather than repeating the same strategy and hoping the results will remain the same or get better. Continue to persevere with what works and change what doesn’t work. Follow-up with consistent focus, action and persistence.

News from the front lines

I just noticed – a whole month has gone by without a post. Interesting what has driven this…… we are run-off our feet right now.

Q1 presented a huge down-turn in learning and development activity across the region for us, characterized by many multinational customers in a state of apparent chaos and confusion, or at least needing more focus would be the politest expression.

What is interesting is how many senior leaders are now responding to the current environment in powerful and inspiring ways.

I am reminded of what a good friend of mine in this same field said to me last month; “Isn’t this a fantastic time! This is the time when leaders actually earn all that money they made in the good times. The whole of the last 10 years has been a down-payment on now. You had better step-up to lead, or realise you are not cut out for it, which kind of leader will you be?”

Here is what we are now seeing - leaders stepping up - not all, no. Enough? Maybe.

Demonstrated in words and action, we are hearing senior leaders call for a new vision, new direction and new purpose. “Lets shape the values and create the behaviours we need for the next ten years”; “The old values no longer serve us, we need new values and a new way of being”; “Flat is the new up, life goes on, lets get on with it.”; “I need to lead the recovery and I need to lead it ahead of my competition”; “We have the vision, now lets create the behaviours in our leaders to execute it”; “Innovation is still 90% execution, we had better stop wallowing and get out there and do it!”

Spot the common thread: 

Purpose, Vision, Values, Behaviours, Action.

Nothing new under the sun…. so here is how I see it, It’s the same stuff, its just that when times are good you can fluff it, you can do less than half a job and still get by. When times are tough you had better make it happen and do it better than good.

The proof that it is happening? April and May this year have been something big and busy for us, possibly the biggest and busiest yet in our short three year history.

It is a pleasure, a breath of fresh air, to be working with visionary leaders, helping to focus and shape purpose and values and inspire and cascade new behaviours and actions.

Truly a fantastic time.