In our upcoming webinar, we’re taking a look at the implications of the seismic change to the business community that the pandemic has created, as well as the upcoming fresh challenge of Brexit. Change can deliver great results, but it can also be a painful process, for businesses and individuals. In the webinar, we discuss how to implement positive change with Executive Coach Dr John Blakey, founder and CEO of The Trusted Executive Foundation, and examine how the current challenges could provide an opportunity to improve business practices. Until then, we take a quick look at some of the key issues relating to change that businesses are currently facing.
Sleepwalking back to normal
While we’re all hoping for little slices of normality after such a tough year, simply slotting back in to the same old practices may not be the wisest course. The world has been changed irrevocably. For example, when it comes to working from home, the genie is out of the bottle and workers who have been keen to prove its efficacy have had months to demonstrate that a presence in the office is not the only way to ensure productivity. The same may be true for client meetings now that we’ve all got used to video calls, for processes that were previously delivered using hard copies of documents and for many more aspects of business life. Even if you’re keen to return to life as it was, your stakeholders may not be so keen.
How well was “business as usual” working?
The pandemic doesn’t necessarily mean businesses are all going to shut up their offices and move to an entirely remote model. There is an opportunity at the moment to review how well your standard practices were working for you. In some areas, you might have discovered that the lockdown workarounds don’t deliver as much efficiency; in other areas, your team may have been forced to innovate in ways that will deliver long term benefits for your business. At the moment, business leaders have an opportunity to take stock and create a leaner and more efficient business model, one that will be robust enough to withstand the further changes that will be brought about by Brexit.
On average, it takes 66 days to form a new habit but it varies from 18 to 254 days. However long it takes, it’s clear that intention and motivation play a key role and the same theory applies to organisational change. This means you can’t simply enforce changes from the top down. Many workers are exhausted, stressed and overwhelmed. Change for the sake of change is likely to be met with resistance after so much disruption. Successful change will come from working with everyone involved, seeking input and sharing the benefits of any changes and how these relate to strategic goals.
Should I change now when I don’t know what the future holds?
The pandemic has shown that there was untapped creativity and innovation within the business world as businesses rapidly evolved to face the challenge that lay ahead. The future is less clear – we don’t know if and when the virus will be under control, how long or how severe a recession might be and with the Brexit deadline on the horizon, details of the final departure deal have not been agreed. Planning for the future will need to include a detailed SWOT assessment that accounts for change. Running different scenarios, considering all the options and finding creative solutions will help businesses survive and thrive in the coming months.
FX health assessments can help you prepare for the unpredictable
As currency specialists, we’re used to working with uncertainty. Although we can track market trends, when it comes to currency values there are no guarantees. The pound could rise or fall very suddenly due to unexpected news at home or abroad. When we work with clients on an FX audit, we usually track previous trends, highlight the cost and risks of past currency fluctuations and suggest tools to mitigate that risk. Some market movements, like all changes, are forced on us, but preparation can help to limit the impact of the unexpected.
Sign up to our webinar
Join us for our latest webinar with Dr John Blakey, founder and CEO of The Trusted Executive Foundation, and discover how the world of work could embrace change. Covering how businesses can become more agile and adapt business practices to increase resilience, the webinar will also focus on:
- Motivation and productivity in the age of remote working;
- Supporting employees in a time of severe disruption;
- The psychology of habits, and how to encourage new ideas and behaviours;
- Logistical and procurement changes;
- The future of business, not just post Covid-19, but also, post-Brexit.
Sign up for the webinar here
Dr John Blakey is the founder and CEO of The Trusted Executive Foundation, a not-for-profit organisation that helps board-level teams build high-performance cultures underpinned by the values of trust and challenge. The Trusted Executive Foundation delivers ‘Journey of Trust’ leadership development programmes based on the tools and models in John’s acclaimed books, ‘The Trusted Executive’ and ‘Challenging Coaching’. ‘The Trusted Executive' was shortlisted as the Chartered Management Institute book of the year in 2016 and led to John being named as a top 100 global thought leader in trust by Trust Across America. The book features John’s prize-winning research to create the Nine Habits of Trust at Aston Business School, as well as anecdotes and learnings from his earlier career as a FTSE100 international managing director and highly successful entrepreneur.