To exploit the new opportunities, outperform rivals, and mitigate the downside risks, require excellent risk management and a heightened emphasis on quality leadership.
It has always been the case that the only certainty about the future is that the future is uncertain. It is not just COVID—19, which poses challenges: the pace of technological change is just as challenging. We may not be able to identify the particular future happenings which will be opportunities or threats. Still, we should certainly try our best to define possible future scenarios caused by whatever opportunities or threats that may occur.
By managing change well. By developing your core competence and knowing what is your competitive advantage. By not becoming too set in our ways as organisations. By having an open, empathetic, participative culture. Success can endure if we are open to change, but the half-life of a ‘formula for success’ is getting shorter and shorter.
Leaders need to understand their stakeholders, have a good dialogue with them, support them, and be sympathetic to them. These are not costly leadership qualities: they can be present even when organisations are performing weakly, and economic growth is slow. Indeed, during other times when growth is exponential, there is a risk that leaders forget these leadership fundamentals.
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