Right now I’m talking with a lot of clients and business leaders, and all of them are saying some version of the same thing…
Things seem weird out there.
External factors are making it harder to make informed decisions, and they’re forcing unexpected changes really quickly.
Here are the six external factors I’m hearing come up the most:
- Overall economic uncertainty and/or spending has decreased in the marketplace: Companies are spending a lot more time looking at their P&L wondering what else has to get cut.
- Changing employee expectations and norms: Hybrid workplaces still haven’t completely found their strides, there’s more stress on companies to state where they stand with social issues, engagement numbers are low, and turnover is up.
- Cybersecurity threats/incidents: It’s not that the threats are new, it’s that the size of the incidents we’re seeing are having bigger impacts on the day-to-day, sometimes taking months to recover.
- Keeping up with AI: We’ve seen some great and interesting use-cases in business strategies. But there’s also a lot of hype, skepticism, and conjecture about job loss. The tech is developing more rapidly than most can implement, and in some cases, chasing novelty AI tools has wasted time.
- Election year jitters: Historically, election years have been associated with tighter pockets, with spending increasing in January. But with the level of polarization in the November race, there’s less confidence in relying on past trends this year.
- Black swan geo-political events looming: The Middle East, Russia/Ukraine, China, environmental catastrophes, these have most of us a little (if not very) spooked.
For the most part, these external factors are out of our control, but they’re affecting our businesses more and more.
That’s why I think it’s more important than ever to double down on your mission, your values, and ESPECIALLY your strategy.
Make sure you’re doing everything it takes to adapt and get your team aligned.
That’s the part you can control, and it will true your team through the storms.
What about you, what external factors are you seeing affecting your team’s decision-making right now?