Jim Pauley, President and CEO, National Fire Protection Association.
The business climate is always changing, keeping even the most experienced and savvy business leaders on their toes.
From national regulatory changes in pay equity and worker classifications to labor market shifts that make finding the right—and sufficient amount of—talent more challenging than ever, business leaders have a lot on their minds.
With so many internal and external factors at play, it can be difficult for a leader to prioritize. Just managing day-to-day business operations can be overwhelming, let alone when they are compounded by economic challenges like inflation and external pressures like customer and stakeholder expectations.
Leveling up an organization with new, innovative policies and practices (generative AI, creative employee training modules and cloud migration, for instance) and having to manage each step can be overwhelming—even leading to missteps.
As a business leader myself, with decades of experience leading and growing organizations, these are a few foundational things I think leaders need to keep in mind even as they upscale their business in this ever-changing business landscape.
1. An Organized Approach To Digital Transformation
With so many options as to where to begin and what technologies might be most beneficial, it’s no surprise that business leaders might try to jump right into implementing the latest technology.
But it’s important that you take the time to evaluate your business goals before diving right in. The first step in an effective digital transformation is to conduct a company audit to assess current challenges and to find solutions that meet those needs.
While the market can be unpredictable, it’s also important to look at where the business will be five or 10 years from now. From there, you can assess the technology you need now to meet customer needs and drive business outcomes.
Overall, you should continue to assess and reassess your organization to stay on top of business technology needs and gauge the market response to innovations.
2. Maintaining Facilities
It’s no surprise that business leaders need to invest in their people, software and other contributors to overall business success. Where I find they tend to go astray is in forgetting about a core part of their business: The building in which it lives.
For example, natural disasters are at their peak, and by not investing in the maintenance and upkeep of facilities, business leaders leave their organizations vulnerable to disasters that could impact their people, operations and their profitability.
I think business leaders should assess technology and software needs in tandem with their physical infrastructure. By ensuring your facilities are aligned with the latest codes and standards and the latest technology to support hybrid and in-person teams, you will be better prepared for unexpected threats to your facilities.
3. Preparation For Emergencies
Business continuity plans are essential to the success of an organization. Whether it’s in the event of a disaster or cyber-attack, business leaders need to ensure they have a Plan B for every scenario.
Unsure where to start? I recommend focusing on your physical spaces: Do they have the proper equipment in place to prevent safety incidents? Are employees trained to deal with an event? Is the organization equipped to deal with sudden emergencies? If you said no to any of these, revisit your safety plan ASAP.
Ensuring employees feel prepared to deal with an event is just one step in planning for the unexpected. The burden of preparation should not fall entirely on staff members, however. Business leaders must ensure that, in addition to following building code requirements, their facilities are stacked with the proper safety equipment.
From alarm and sprinkler systems to extinguishers, all buildings should be well-equipped and staff should be trained on how to use these devices if and when needed.
There are a lot of factors that go into improving business operations for continued growth. In a world where uncertainty lurks around all corners, it’s critical that business leaders focus their attention on foundational business needs before they look toward deploying digital transformation efforts.
By focusing on creating a resilient business ecosystem, I believe that organizations are more likely to thrive regardless of what the world throws their way.
Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Read the full article here