By Chris Mandzufas
Business leaders will continue to face a challenging business environment in 2023.
However, opportunities abound for leaders with a locus of control who see the possibilities in each apparent crisis, effectively manage the required changes, harness their leadership skills, and deliver strategies for sustainable success.
Mindshop has once again completed a survey of global business leaders. The insights from this report are drawn from the results of a global survey of Mindshop leaders and advisors undertaken in late 2022. It explores the capabilities, mindset, behaviours, traits and strategies needed for leaders to navigate 2023 successfully, inviting leaders to reflect on their own experience and offer tips and strategies to address current challenges.
Challenges facing business leaders in 2023
With turbulent times set to continue and business confidence at lower levels, 2023 will continue to present business leaders with challenges. The challenges may require business leaders to:
- adapt to a high inflationary environment, including cost of living pressures on customers,
- balance managing cashflow with a need to invest for growth,
- manage team members’ change fatigue,
- develop vision and strategies that capitalise on emerging opportunities,
- build a culture that attracts and retains good people,
- focus on evolving customer needs and cutting through in a cluttered market,
- effectively manage a hybrid workforce,
- stay agile in the implementation of change and strategy,
- harness exciting new technologies and importantly,
- manage their own resilience and mental health levels.
The survey results highlight high-performing leaders’ common traits, helping them navigate challenges in the current market. These leaders are well-positioned to take advantage of opportunities and push for growth in 2023, to get the most from their teams and importantly, themselves to achieve their goals.
What does it take to be a high-performing leader in 2023?
High-performing leaders in 2023 have a range of common traits helping them navigate challenges in the current market. They include:
- high levels of emotional intelligence, self-awareness and empathy,
- customer-centricity in decision-making and good understanding of emerging trends,
- being ‘optimistic contrarians’,
- having a focus on profitable growth (the number one theme from survey results),
- building clear, inspiring medium to long-term visions,
- being strong builders of team and culture,
- leading by example through being tenacious implementers,
- not letting ‘perfection be the enemy of good’,
- a continuous improvement mindset.
How to Reset, Reskill and Refire
Leaders in 2023 will need to focus on those issues they can influence in delivering products and services that meet customer needs. Reflect on the 3Rs: Rest, Reskill and Refire, and these questions to make your plans a reality:
- Do you have the right systems, processes, technology, resources and people to achieve your profitable growth goals?
- What is your vision and strategy for the year ahead?
- How can you drive greater efficiency and profitability across the business?
- What new capabilities do you or the team need to build to stay productive and relevant? What will you delegate or stop doing?
- How will you address culture and engagement issues with hybrid working conditions?
- What strategies do you need to implement to ensure you and your teams have high levels of resilience and wellbeing?
- How will you adapt your marketing and sales strategies to cut through with the right target market?
- What products and services do you need to refine, remove or build to deliver maximum value for customers and your organisation?
- What are your target customers’ emerging needs? How will you adapt your customer experience (CX) to stay aligned and customer-centric?
If you are interested in reading the full report, would like to discuss how you can improve your leadership capability, or would like to join our Business Growth Network with other growth-focused business leaders, please contact us today.