During uncertain times, the difference between surviving and thriving is adaptability. We’re amid a massive economic, political, and social disruption, while the COVID-19 pandemic and its aftermath will continue to create far-reaching change. Some businesses will fail because they can’t or won’t pivot; however, the marketplace will also see tremendous innovation and cultural shifts, as companies find creative solutions to emerging problems. To prepare for those shifts before they occur, we wanted to share our top five tips for leading your team through uncertain times with success and confidence.
- Embrace a growth mindset.
“I think one of the things that makes me who I am as the visionary of this company is my eagerness to embrace change,” said Vance Wealth Founder and President John Vance. “If I’m not changing or adapting, I’m falling behind. But when things are changing – and growing – my energy is at its prime. That’s how we stay committed to continuous growth every day.”
- Pivot as needed.
Businesses that struggle through this transition will do so because they’re unwilling or unable to pivot successfully. For example, social distancing has been a huge catalyst for communication technology, in business and at home. We’ve normalized virtual human connection years before we would have without this disruption. Whether you enjoy learning technology or not, we’ve all had to rely on it if we want to stay connected. When it comes to pivoting in business, the right mindset can make the difference between failing, surviving, and thriving.
- Communicate with your team and clients.
As the leader, you must communicate to your team the companies vision for the future and ensure they are not worried about their job. As for your clients, consider the best forms of communication to engage on a genuine level. At Vance Wealth, we’ve hosted a series of weekly webinars that share vital information and answers timely questions. We also reached out to each client by phone or Zoom to check in and adjust financial plans as needed.
- Adjust your 10-year plan.
In times of rapid change, the first major challenge is to respond quickly and consider how these changes have affected your future trajectory. Make sure you take the time to review your business and financial plans and adjust when needed. Whether you’re up or down this quarter, you need to know where you’re going – so you can establish a plan for today with a vision of tomorrow.
- Use your cause as your compass.
It’s easier to stay the course when you can rely on a compass to show you the way. At Vance Wealth, we have a clearly defined Cause Statement that we aspire to every day: “With a healthy balance of caring and planning, we guide our clients to achieve more in life so they can make a greater impact on their families and communities.” That simple statement gives us direction and purpose, even in uncertain times. Take the time to create yours, and change will quickly start to feel like a familiar friend.