Four Keys to Thriving in Uncertain Times

In uncertain and transformative industries, leaders have to identify and focus on the key areas that will keep their business thriving. They work hard during the soft times to make sure their businesses come out stronger than ever. And during the good times, are hesitant to read their own press clippings. They take nothing for granted. From my experience, a few of the areas they focus on include agility, innovation, communication, and talent.

The ability to pivot quickly in response to changes and new information is crucial. Face it, the printing industry is an evolving business, and the rate and pace of change seems to accelerate as each year goes by. This means being open to new ideas, willing to change direction as needed, and fostering a culture where experimentation and learning are encouraged. They should review and adjust strategies based on client feedback, and performance data. Focusing on cross-functional teams to work together to solve problems helps to minimize the company operating in an echo chamber, and also helps to spark creativity.

Staying ahead requires a constant focus on innovation, whether in products, services, processes, or business models. Encourage a mindset of continuous improvement and challenge your staff to reach out from their own comfort zones. Invest in research and development, support creative thinking, and create an environment where employees feel safe to propose and test new ideas. You can also build your own mechanism for gathering and acting on customer and employee feedback.

These leaders view clear, transparent communication as vital in times of uncertainty. You want to keep stakeholders informed and engaged, ensuring everyone understands the company’s direction and their role within it. Use various channels to communicate regularly with employees, customers, and investors. You should also be open about challenges and successes and ensure that messaging is consistent and aligned with the company’s values and goals.

Attracting, developing, and retaining top talent is essential for sustaining growth and innovation. Especially during times of low unemployment, and a lack of experienced workers, focus on creating a supportive and engaging work environment. In the best run companies, they are providing opportunities for professional development, offering competitive compensation and benefits, and building a culture of recognition and inclusion. Industry champions appreciate that a focus on leadership development programs to cultivate future leaders from within the organization is a key to their continued success. You can build your own internal training and development infrastructure, seek out local resources, or join industry specific programs such as the Graphic Communications Leadership Institute or The Graphic Arts CEO Forum.

In a transformative and uncertain industry, leaders must identify and concentrate on key areas to ensure their business thrives. Work diligently during challenging times to emerge stronger and remain humble during prosperous periods, never taking success for granted. From my experience, it's clear that a focus on agility, innovation, communication, and talent is crucial to navigating complexities and achieving sustained success.

Any thoughts on this? If you are already working on these, let us know how it’s going. If you want to get started down this path, let me know. Good luck.

Mike Philie can help validate what’s working and what may need to change in your business. Changing the trajectory of a business is difficult to do while simultaneously operating the core competencies. Mike provides strategy and insight to ambitious owners and CEOs in the Graphic Communications Industry by providing direct and realistic insight, not being afraid to voice the unpopular opinion and helping leaders navigate change through a common sense and practical approach. Learn more at www.philiegroup.com, LinkedIn or email at mphilie@philiegroup.com.