The landscape of business in the US and the rest of the world are going through constant changes and evolution all the time. Many of these changes are difficult to predict and/or comprehend before they occur.
Most of the business firms had a certain approach that they wanted to work on at the beginning of 2020 but as the months rolled out, they realized that they had to scrap those plans and come up with some damage control methods. The COVID-19 pandemic forced all kinds of businesses to re-evaluate their goals and plans.
Along with the pandemic situation, the US also had to face a lot of other problems like racial unrest, economic meltdown and an election year and such events also shaped up the business sector of the country in important ways.
The coronavirus pandemic forced corporate professionals to come up with more effective ways to manage their business. As many of the companies started to have their workforce operate remotely, they also had to invest in new laptops and technical infrastructure that enabled their employees to work from their homes.
A perfect example of this can be in seen in well known entrepreneurs and mentors in the world today. Business owners like Reza Satchu continue to focus their efforts and mindset on not only their personal goals and achievements, but also to help inspire others as well.
With all of this in mind, here is a look at the five business leadership lessons that I have learned in this year.
Leading the workforce with empathy, transparency and open communication
It is very important to create a nice work environment in a business that is built on transparency, open communication between all its members and an authentic engagement between the management and its employees. In the year 2020, this was really put to the test. Never before the business management team had to show their commitment in this way to their employees that they give their security and well being topmost priority.
Building transparency has also now become critical to the growth and survival of a business enterprise. As the business owners had to deal with financial challenges of managing virtual teams or had to deal with layoffs, they had to focus on emotional intelligence so that they can connect with employees on a deeper level.
It has now become necessary for businesses to take a proactive approach in communicating with their employees and have those difficult but honest conversations so that they can give in their best effort. This has naturally made it necessary for the business management to have higher levels of emotional intelligence so that they can treat their employees with compassion and empathy and prove themselves to be efficient leaders.
Many people have lost their loved ones and women have left the active workforce at a high rate to take care of their children. Therefore, it is imperative for the business owners to lead their workforce with a touch of humanitarian temperament.
Creating effective boundaries to ensure work/life balance
The COVID-19 pandemic and the changes brought on by it has transformed the notion of work/life balance. As people are forced to work from their homes, they face challenges to deal with their kids while on important Zoom calls or taking care of their elderly family members.
Such situations that are actually so common in our domestic lives are actually new in the corporate world. This has naturally led the business leaders to make use of their emotional intelligence and use their flexibility, awareness, humor and compassion to deal with such situations.
More often than not, work lives and personal lives intertwine with each other and companies looking to focus on performance need to work with that.
Employers should encourage their working teams to set boundaries in their personal lives so that they can give their very best and ensure that they have complete peace of mind. This can ensure a healthy work environment for all.
Redefining the concept of business agility
Developing agile business organizations is considered to be important in the modern age. In fact, it is a major requirement for success. As companies were forced to have their people work from remote locations, businesses had to come up with creative ways to deal with the challenges that they faced. This made it possible for businesses to deal with the transition of their companies easily.
Moving their workforce to remote locations was difficult but companies were able to do it. This has highlighted the importance of shifting from conventional workplaces and standard work settings. In order to deal with the modern difficulties of professional work, companies must implement flexible business models which ensure the best use and evolution of infrastructure.
This can help businesses to use advanced technology for higher production levels and come up with innovative working models. Even the employees have also shown that they are ready for the implementation of futuristic work settings.
Creating a diverse workforce
It is now important to build a workforce that is diverse so that the most talented professionals from all backgrounds can play their part in boosting company efficiency. Traditionally, businesses often did not put much emphasis on DE&I programs.
However, this is not an option anymore. A lot of the companies in the US failed to prove their earnestness when it came to hiring women, employees of color and addressing the problem of workforce parity. It has therefore become important now to resolve personal bias, cultivate empathetic understanding and come up with better recruitment models that focus on hiring workforce from all kinds of diverse backgrounds.
It is also necessary for business leaders to lead others with a fearless mindset. A fearless leader is never afraid to go against the trend. He or she never does the “safe” thing just because it is widely accepted and people are comfortable with it. Fearless leaders always encourage others to think individually and reflect so that they are able to come up with best solutions to problems.
Moreover, fearless leaders believe in building authentic connections and maintain transparency at every step of the way. They do not shy away from asking difficult or complex questions and voicing unpopular opinions. They put a great deal of importance in being honest and resilient, embrace the unpredictable and unknown and create a safe haven of collaboration where sustainable business solutions can be built.
How to Grow Your Business by Staying Motivated for Success
As you can see, there are plenty of ways to stay motivated as a business owner and entrepreneur. And while everyone has their own methods that work best, it’s important to continually seek out new working methods to stay motivated in and out of the workplace.
Be sure to read through each of the tips and recommendations outlined above, and then start implementing them into your daily practice.
To learn more about how to grow your business, brand and expertise, be sure to read through the latest articles found on the blog.