Mykola Tymkiv, CEO of Gismart.
In today’s remote environment, driving business growth can feel like going to war in the midst of economic instability. But as they say, when the going gets tough, the tough get creative and collaborate to solve problems. With business processes constantly evolving, it takes a unique approach to beat the odds and drive growth.
So, let’s dive into some strategies that can help you navigate the unknown and come out victorious (hopefully with fewer battle scars). Get ready to charge into battle with a smile on your face because we’re about to thrive in uncertainty!
One Key Weapon Of The CEO
As the company’s CEO, your ultimate weapon for driving growth during uncertain times is prioritization. In a resource-scarce environment, it can be easy to fall into the trap of trying to do everything at once.
But by focusing on what works and striking a balance between tried-and-true methods and knowledge-based initiatives, you can drive growth without taking unnecessary risks. This means identifying what’s not working and having the courage to stop doing it while choosing the products and marketing channels that align with your company’s vision, competence and potential for success.
Three Key Pillars Of Leadership During A Crisis
In times of crisis, the role of the individual and the team becomes even more critical. The CEO must become a wartime leader, adapting their skills and DNA from their predecessors to successfully navigate uncertainty.
But it’s not just the CEO who needs to change; the entire team and organization must be ready to change. I’ve found effective crisis management rests on three key pillars of leadership: clarity, radical accountability and honesty.
• First, clarity and transparency are crucial in providing the team with a clear understanding of the situation, the reason for taking specific actions and the vision for the short-term and long-term perspectives.
• Secondly, radical accountability should be taken on at all levels of the team, with top leadership also involved in the process. This helps to create a sense of ownership and a shared responsibility for the team’s success.
• Finally, honesty is essential, particularly when it comes to doing conscientious and diligent homework, adjusting the space for maneuvering and overcommunicating some points from leaders to explain why certain actions are necessary.
As your plan begins to work, and positive changes become visible, it’s crucial to communicate successes and celebrate small wins. By doing so, you can change the tone from one of crisis to one that is more productive, with people becoming more creative, taking more risks and working more effectively. By prioritizing and balancing these three pillars of leadership, both the CEO and the team can adapt to the circumstances and navigate uncertainty successfully.
Moreover, when your business sees positive changes, it is a good time to raise the stakes and invest in R&D to restore growth in new areas. While survival mode is necessary to weather the storm, it is not an effective strategy for building long-term growth. By prioritizing and investing wisely, leaders will be able to navigate uncertainty successfully and come out stronger on the other side.
A Lesson From Adapting To Changing Business Priorities
My company is one that had to go through the Covid-19 environment, war in Ukraine and economic uncertainty. As the market evolved early in the pandemic, we shifted the focus of our products, and as a newly-appointed CEO, it was a real challenge to build new business strategies for a huge portfolio of different apps, various product lifecycles and marketing strategies. I had to work with our top management to reform the teams, decide on new business objectives and define new points of reference for success.
The war in Ukraine was another major challenge for many companies, including mine. It affected our team, processes and the business economy as a whole. As a company, we recognized the need to support our employees during this time of crisis. We supported our Ukrainian employees in taking time off to relocate and find a safe place, and we provided financial and mental support and allowed people to volunteer during the first weeks of the conflict.
The winter that followed was especially challenging, but despite the lack of electricity and frequent blackouts, the team was always able to find an internet connection and perform to the best of our ability. We remained committed to the company’s goals and continued to work hard to overcome the challenges we faced.
Looking back, the experience, while difficult, taught me the importance of resilience and the value of adaptability. It also reminded me of the power of teamwork and how much we can achieve when we work together toward a common goal. Today, as we face new uncertainties and challenges, we can draw on the lessons we learned during difficult times to drive growth and achieve success in the face of adversity.
Driving growth in times of uncertainty requires a unique approach that prioritizes what works and adapts to changing circumstances. Whether you’re a CEO or a team member, clarity, radical accountability and honesty are critical to success. By learning from others and prioritizing effectively, you can navigate the unknown and come out stronger on the other side.
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