Overcoming Challenges for Business Leaders in 2022

Running a business has never been easy, but recently it seems to be more challenging than ever. Thousands of businesses closed the past two years, we’re facing “the great recession”, and inflation is at an all time high.,

The pandemic-imposed leadership challenges over the past few years have forced businesses to evolve at breakneck speeds or get left behind.

It’s time now for business leaders to move away from a reactionary stance and look toward creating a more stable future. Here we will explore some areas that you would do well to focus on moving forward.

1. Evolving consumer behaviors & Competition

With many people finding themselves without a job some turned to entrepreneurship, others to the gig-economy. New ways of doing business emerged and remote work became more prevalent. Our reliance on technology has grown and by large it just feels like a different world.

Much of business is done online now and the competition has never been higher. As a result, businesses need to revisit their strategies and how they deal with competition and new consumer behaviors.

For example, remote work meant less commuting and fewer radio ads. Some organizations moved their advertising to podcasts or simply created their own podcast. Not all experienced wild success, but many did.

Another example of change is the beverage industry. Coca-Cola has seen consumers shift from convenience & fountain drinks to a greater focus on take home bulk purchases.

Recommendation: Don’t let yourself become stagnant in your thinking or planning. Continue to look outward for opportunity and within your organization for ideas. Try to identify emerging trends before you are already behind. in the future.

2. Virtual Environments

As we mentioned, the business world is becoming more and more virtual. The lockdowns expedited that trend and now many meetings are remote. I typically have at least one zoom meeting per week now, where three years ago I didn’t even have the program installed on my computer.

As people become more accustomed to doing business apart, its imperative that businesses adapt to consumer and employee expectations.

Recommendation: Familiarize your company and brand with the virtual world. Embrace technology and reconsider the way things have always been done. Just because its tradition doesn’t mean it’s the best decision. There was a time when horse and buggy were the normal. Don’t get left in your horse and buggy when your competition gets in a Ferrari.

3. Employee relations

As we become more remote its imperative that management connects with employees. Not only for the sake of communication, but for the sake of employee retention and satisfaction as well.

There was a time when you got a job right out of high school or college and that’s where you stayed. You worked hard and rose to a position of authority, then you built up the next generation to take your place.

That isn’t the case today. The world is much smaller thanks to the digital age and competition for talent is greater than ever.

In order to have vested employees they need to know that the leadership is vested in them. They need to feel connected and important, understanding that their contributions are making a difference.

Not only that, but they need to feel that they are being rewarded for their efforts.

Recommendation: Leaders should work to engage with their employees and plan to build a shared vision and shared ownership with them. Hear their feedback and adjust as necessary.

4. Talent

Its one thing to have employees and keep them. Its another to have talented employees.

Attracting and retaining qualified employees is half the battle, while the other half is pouring into them. Educating the employees in how to do the jobs they were hired for, evaluating performance, and retraining can go a long way toward your bottom line and their satisfaction.

Allowing employees to shadow senior members or offering reimbursement for courses can show that you are in it for the long term with them. Giving employees your trust often leads to reciprocation of that trust.

Recommendation: Invest in your employees and investigate any instances of voluntary turnover for ways you can mitigate future occurrence.

5. Work Environment & Expectations

By now you are likely seeing a trend. How and where the work is done is a large factor in employee satisfaction, and that satisfaction is key in maximizing productivity and reducing turnover.

Recommendation: Allow your employees to voice their opinions on how they can best perform. Keep an open mind and be willing to work with your employees to achieve the highest level of satisfaction without sacrificing productivity.

The Takeaway

Business has changed in the past few years and it’s not likely to ever return to the way we knew it. It is a stark reminder to always look to the future and continually adjust the way we do business. A reactive approach can cost valuable time and resources and have a lasting negative impact on your organization.

As leaders we should pave the way to new heights, focusing on giving consumers and employees the best experience possible.