The Power of Why: How it Helps Leaders Move in Uncertain Times.

As the world continues to evolve, leaders are faced with unprecedented uncertainty and volatility. The ability to adapt and navigate through these uncertain times is crucial for any organization. However, to do so, leaders must have a clear understanding of their purpose, and their why. In his book, "What is Your Why," Simon Sinek highlights the importance of this concept and how it can help leaders move forward in uncertain times.

The idea of "why" is all about understanding the reason behind what you do. It's the driving force that motivates and inspires you to take action. It sets you apart from your competitors and creates a loyal following. When a leader is clear on their why, it gives them direction and clarity, even in uncertainty.

One industry that has experienced significant uncertainty and disruption in recent years is banking. In Africa, the financial sector has been hit hard by economic and political instability, leaving many banks struggling to survive. However, some banking businesses have been able to weather the storm and even thrive, thanks to the power of why.

For example, Equity Bank Limited in Kenya has been able to grow and expand its operations despite the challenges facing the banking industry. The bank's founder, James Mwangi, was driven by a strong sense of purpose - to empower people and communities through access to financial services. This purpose was the foundation of the bank's business model, which focused on serving low-income communities and small businesses that were traditionally underserved by the banking industry.

Equity Bank's commitment to its purpose allowed it to innovate and adapt to changing market conditions. During a period of hyperinflation in the early 2000s, the bank introduced mobile banking services that allowed customers to access their accounts and make transactions via their mobile phones. This innovation helped the bank to grow its customer base and increase its market share.

Another example is the First Bank of Nigeria, which has been able to stay ahead of the competition by focusing on its purpose - to drive economic growth and development in Nigeria. The bank has made significant investments in technology and digital banking services, which have helped it to attract and retain customers in a highly competitive market.

The power of why has also helped these banks to build a loyal customer base. When customers understand and connect with a company's purpose, they are likelier to remain loyal and advocate for the company. For example, Equity Bank has a strong following among low-income communities in Kenya, who see the bank as a partner in their economic empowerment.

In uncertain times, having a clear sense of purpose can also help leaders to make difficult decisions. When faced with tough choices, leaders can refer to their why, and use it as a guide. This can help to ensure that decisions are aligned with the organization's values and mission.

The power of why is a crucial concept for leaders in uncertain times. By understanding their purpose and using it as a guide, leaders can navigate through uncertainty and adapt to changing market conditions. The banking businesses in Africa are just one example of how the power of why can help companies to succeed in challenging environments. By staying true to their purpose, these companies were able to innovate, build loyal customer bases, and make difficult decisions with confidence. So, what's your why?