Although we don’t visit the psychic reader down the street, we are passionate about looking into the future as best as we can to help ourselves and our clients take full advantage of emerging opportunities. We draw insights from our conversations with leaders and our research, then apply our experience and intuition to map a path forward.
Here are three business trends that we predict will be critical for leaders in every company to address to accelerate their company’s innovation, growth and profitability in 2014, along with our tips for how you can take advantage of them to drive your company forward.
Trend #1: The rapidly evolving digital world (e.g. the cloud, social media, mobility, big data, etc.) will require CEOs and top executives to understand the implications in order to effectively lead and manage continuous transformation of their companies. (see WSJ article – “Basware Predicts 2014 will be the ‘Year of E-Engagement’ for B2B Commerce”)
- Tip: With such a fluid business environment, strategic thinking and planning must be integrated with business operations. Before adopting any new technology, consider both how well it will serve your strategy, along with how well it will fit with your organization’s culture. It takes time for people to decide to embrace and learn about even the best technology, so develop objectives and implementation plans that take learning and acceptance curves into account.
Trend #2: To keep pace with the rate of change and transformation, strategic alliances and other partnering relationships will become even more important, especially in smaller companies looking to become game-changers in their industry. (see our study report – “Building POWERFUL Strategic Alliances: How Companies of All Sizes Can Increase Their ROI“)
- Tip: To take advantage of emerging opportunities, first be clear about the types of alliances that would fit with your vision, mission, and strategy. Start preparing your organization now by increasing the leadership and management skills necessary for successful partnering relationships.
Trend #3: Employee engagement is gaining recognition as a critical factor for increasing the innovation and business performance necessary for driving competitiveness, retaining existing customers and successfully expanding into new markets. (see ADP report: “Employee Satisfaction vs. Employee Engagement: Are They the Same Thing?”)
- Tip: As you launch initiatives to increase employee engagement, ensure that you are reinforcing these positive moves by also adjusting your company’s organization, policies, procedures and practices accordingly. This includes re-evaluating organizational and job design, performance review policies, incentives, and processes, systems and procedures for getting work done.
The Bottom Line:
Despite the inevitable twists and turns that lie ahead, there will be many opportunities for those with the imagination, courage, and commitment to lead the way and make things happen.
Regardless of your company’s size, this type of transformation will require a different mindset to allow everyone to shatter common wisdoms about how work needs to get done, engage people, and open the door to new ways of thinking and behaving.
Related Reports:
4 Questions C-Suite Executives Should Ask Before Acquiring New Technology
Making Cultural Differences Work for Your Strategic Partnerships
Gaining And Maintaining Commitment In The Face Of Change
Image courtesy of Jannoon028 / FreeDigitalPhotos.net
