Do you have a future-ready management team?
“It is not the strongest of the species that survives, nor the most intelligent. It is the one that is most adaptable to change.” ~ Charles Darwin
We’re officially in a La Ni?a environment. During this period, a large amount of the animals in the Galapagos Islands die off, their food supply affected by the warming waters. The ones who survive are the most able to adapt to the new environment. When the world around you changes, you need to adapt how you respond to it.?
First, know what has changed.?
What’s different now, than was the case 6 months ago? What do you know today that you didn’t know then? Given this, what would success look like in 3 years? 12 months? End of 2023??
Know your risks and opportunities.?
Based on the updated goals articulated above, what are the top 3 risks (focus on just the top 3) that could block you from achieving them? (eg new competitors, pricing challenges, reduced demand).?
Similarly, what are the top 3 opportunities that the new environment has opened up for you, that you can lean into??(eg new market positioning or availability of key talent).
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Categorize your risks and opportunities by urgent, important or both, to help prioritize action plans and resource allocation. And move into execution mode.?
Assess the future-readiness of your management team.?
The strengths and gaps of your management team are relative to the environment they’re operating with. For instance you could have a CFO who was incredible when you were in hypergrowth and fielding multiple VC outreaches, but may be struggling in a more cost constrained environment. Or a head of Sales that was brilliant when you were growing a mostly SMB audience base, but isn’t experienced with the more enterprise accounts. Or a leader who has great subject matter expertise but struggles to keep an organization motivated through challenging times.?
Fix the gaps.?
Once you have a handle on where the gaps lie, get to work filling the cracks. Sometimes this might mean formalising external advisory relationships that make up for lack of inhouse experience in certain areas. Sometimes it means hiring someone new into the management team with the experience to deal with the next step in your journey.?
Don’t rely on a strategy of hope. Know what’s changed in your environment, where you’re trying to get to in the new world, and the strengths and gaps in your management team to get you there. And then get to work executing.?