The 2024 Leadership Dilemma: How not to operate on outdated versions of reality in a dynamic world?
By Michael Waite, Waite Partners Advisory
Global events and trends are the business leaders' version of social media for teenagers- a constant stream of information demanding attention.
In my 20+ years of experience, I've observed a common trend among business leaders, spanning from early-stage entrepreneurs to seasoned executives. The allure of global events and trends often leads them to operate on outdated versions of reality, diverting attention from the internal dynamics of their businesses.
In reality, being across your own business in the present moment will serve you and your company far better. If an event significantly affects your business, chances are it will catch your eye, whether you're actively seeking it or not.
As you think about your business in 2024, instead of attempting to master the intricacies of the external world, focus on the internal dynamics of your organization. That internal world, inevitably, holds the key to impactful decisions.
Here are some ideas to consider as you build your 2024 goals and implementation plan:
Unveiling Leadership Blind Spots
One of the first steps toward superior leadership in 2024 involves identifying potential blind spots within your business, both internal and external. What parts of the business could be your most significant blind spots, and what outdated data forms your perspective on these areas? Leverage your intuition and seek insights from your team, board members, clients, or vendors to unearth perspectives that may have escaped your notice.
Harnessing Knowledge Strengths
Recognizing your current knowledge strengths is equally crucial. Identify the aspects of your business where you feel most competent and informed. Whether through personal reflection or collaborative discussions with your team, understanding these strengths forms a foundation for strategic decision-making.
The Power of Probing
Once you've outlined potential blind spots and knowledge strengths, it's time to put them to the test. Seek input from both internal and external stakeholders, including mentors and coaches. Categorize the responses based on different criteria to gain diverse perspectives. Consider factors such as revenue impact, perceived competence, time allocation, and more.
Decisive Action: Crafting Your Implementation Plan
The crucial question arises: Do any of the insights warrant an action plan, personal goals, or company-wide objectives? This decision-making process demands courage and a commitment to the long-term success of your business over short-term comfort.
Examples of Key Discoveries
Through this introspective process, valuable revelations may emerge:
Key Employee(s) Risk: Recognizing that knowledge gaps are concealed behind excessive empowerment of specific team members.
Multiple Hat Employee(s): Identifying long-term employees shouldering multiple roles, potentially hindering efficiency and growth.
Financial Statements and Governance: Detecting deterioration in areas like accurate, timely, and transparent information, or issues related to segregation of duties.
Human Resource Practices: Uncovering outdated hiring, management, and workplace practices that may pose inefficiencies or legal risks.
Global Awareness as Supplementary, Not Central
While staying informed about global news is valuable, it should be approached as supplemental, not central, to your leadership strategy. Allocate dedicated free time for non-solution-oriented reading about global events and trends. Your focus should primarily be on the actionable steps you can take within your business.
The discoveries from this reflective journey belong to you, shaping your unique leadership path. What you choose to do next will determine the trajectory of your business in 2024 and beyond.
Are you currently facing this stage and challenges? Join me in a 101 discovery chat to assess and recalibrate your leadership focus. Contact me to Email or let's chat through LinkedIn.
Michael Waite, MBA, CEO and Founder of Waite Partners.
20+ years experience leading innovative entrepreneurs, medium-sized businesses, corporate teams, and communities organizations to achieve growth results.