Since registration opened for the spring semester of Enterprise University, the number of registrations for leadership-oriented courses speaks volumes. Given the variety of challenges put upon businesses due to the pandemic, many business leaders are looking to peers and experts for additional guidance on how to lead their companies going forward.
Navigating Supply Chain Issues
A variety of factors including raw material shortages, congested ports and a scarcity of truck drivers have contributed to major disruptions in the global supply chain. Originally triggered by the COVID-19 pandemic, these ongoing supply chain issues continue to negatively impact the economy and create ongoing complications for leadership.
Leaders of both small and large businesses have seen how supply chain issues can result in lost sales and closing doors. Looking to the future, business leaders want to ensure that they have the knowledge necessary to manage their business efficiently.
One strategy for leaders to consider is to review your contracts to ensure a force majeure clause is included. This clause enables you to negotiate terms or unforeseen conditions that are beyond your control. Another way leadership can impact their organizations is to establish an effective system for communicating with stakeholders so everyone is informed and there are no surprises. This can be as simple as establishing a regular cadence of email messages or distributing a basic e-newsletter.
Be on the lookout for opportunities to expand and diversify your supplier base by forging new relationships with alternative sources or backup options. Explore potential opportunities to form strategic partnerships with suppliers or a formal cooperative to increase your buying power. To read more leadership strategies on how to navigate the current supply chain issues, read our Outlook, The Supply Chain Challenge: A Guide for Business Owners in 2022.
Leading with Empathy
During the past few years, many businesses faced and overcame adversity. During challenging times, leadership skills that business leaders want to strengthen are often those of business strategy or management of cash and capital. But sometimes maneuvering through obstacles requires a different type of knowledge: how to lead a team with empathy.
Whether your team is rebuilding or more established than ever, an empathetic leader needs to be able to nurture your team’s energy and engagement. When you understand your team, even those who think differently, you can empower, strengthen and ultimately improve your organization. Managers want to ensure that their associates feel comfortable engaging in open communication with their team. Employee engagement is key to making sure your business is strong enough to thrive in the current economic landscape.
Empathetic leaders don’t shy away from hard conversations, they hold themselves and others accountable. Creating a safe space for diverse thought creates a more well-rounded and communicative team. By encouraging and engaging in open dialogue with your team, a sense of trust and connection will grow, which can lead to better business results. For more information on how to navigate challenging conversations watch our webinar, Leading High-Performing Teams in Uncertain Times.
Overcoming Hiring Challenges
Given the current hiring and retention challenges facing virtually every industry, it is essential for leadership to be flexible in order to attract and retain talent. Accommodating your team members' individual needs while listening to their personal preferences is key. Many workers desire flexible schedules, paid time off, child care assistance, maternity and paternity leave. Finding ways to accommodate your employees can make the difference between applicants choosing to work for your business over a competitor.
Employee training is another way many small and midsize businesses are addressing staffing issues. Increased manager coaching was reported as the most common tactic for companies with over $100 million in annual revenue. While not as prominent among small and midsize businesses, coaching is one of the tools being used to address staffing issues among all revenue bands. To learn more ways your business can navigate the current hiring challenges read, How Your Business Can Navigate ‘The Great Resignation’.
Stay on top of the evolving business landscape and build relevant skills with Enterprise University. If you haven’t explored the Enterprise University spring 2022 coursebook, it’s not too late to register for a no-cost 90-minute virtual course, with classes scheduled through May. Reserve your seat and better your business knowledge to improve your career and your organization.