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The Best Way To Predict The Future Is To Invent It.

By Gregory P. Smith, President, Chart Your Course International

My clients expect me to know what is happening in the business world and advise them accordingly

My clients expect me to know what is happening in the business world and advise them accordingly. As my normal routine, I read dozens of magazines, newspapers, books and reliable sources of information on the Internet. As a side note, the least dependable source of factual content and reliable information is cable television news.

In the May 4 edition of Fortune, I enjoyed reading an article by Anne Mulcahy, the CEO of Xerox. For me, she hits the nail on the head regarding what business should be doing during this economic downturn.

She said, "I know from experience one of the biggest mistakes that can be made right now is to slash investments in innovation. And by innovation, I don’t just mean product research and development. It can also be innovating in new markets, launching new businesses, and even disruptive innovation in work processes." Then she adds, "I remind my team that the next generation of technology and services will be born out of decisions we make at this unique moment in time. With that, we’re banking on the advice of Alan Kay, a former Xerox researcher, who said, "The best way to predict the future is to invent it."

As a management consultant, I have had an interesting seat watching business after business, cut back, terminate talented people, eliminate training and development, and curtail important projects. These businesses are just creeping along the highway, hoping they don’t become road kill, instead of taking a proactive approach. Many of them have laid off their most experienced people, virtually wiping out their talent pool and future leadership.

Yes, survival is paramount and all my clients have had to make difficult decisions. However, by making the wrong choices, many of these businesses have only put a noose around their neck. They have placed themselves in a precarious position where they won’t be prepared when the economy starts improving.

Studies show layoffs end up being far more costly and damaging than the short term money they end up saving. As Anne Mulcahy alludes in her article -- businesses can’t stop innovating. As an example, some companies have cut back on customer service. So instead of increasing customer loyalty, they have only alienated them. That is the kiss of death. If you work in that kind of place, you might as well box up your stuff because it won’t be long until the business collapses and you’re the next out the door.

The turbulent economy has placed businesses and business leaders under pressure to improve and restructure their organizations. A survey by the Conference Board showed the executives’ major concern was about "speed, flexibility, and adaptability to change." Businesses need to implement a "transformational" style of leadership along with an effective strategy that will enhance productivity and position their business or organization for increased efficiency.

Last week I was in Longview, Texas speaking to the Economic Development Council. Here is a community of about 80,000 people who are still focused on a bright future. Despite the economy, they are still growing, dynamic and interested to learn new techniques in keeping their employees motivated and working effectively. Several of the people that attended my session work at the Neiman Marcus distribution center. They are responsible for distributing merchandise to stores all across the U.S. It was encouraging to me to see this organization still cares for its people and wants to stay vital, innovative, and competitive and be an employer of choice for their region. More businesses should have that same goal.

Here are seven strategies organizations should put in place.

Institute transformational leadership techniques in your organization
Communicate more and provide direction
Manage the talent of your people
Identify and exterminate "organizational pathologies"
Innovate and manage the ideas of your workforce
Keep your people engaged and energized
Emotionally connect with your customers

Gregory P. Smith, author of The New Leader, and How to Attract, Keep and Motivate Your Workforce. He speaks at conferences, leads seminars and helps organizations solve problems. He leads an organization called Chart Your Course International located in Conyers, Georgia. Phone him at (770)860-9464 or email greg@chartcourse.com. More information is available at http://www.chartcourse.com.

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