#ScaleItUpin2023: Build When the World Around You is Crashing
I wish that you would not feeling the ripple effects (or direct in many cases) of the current market conditions, but that would be wishful thinking! There are layoffs all around. This winter season has also come with a funding winter for the startup world and the consumers globally are trying to hold their money.
As leaders, we often take these situations rightly as challenges, but we forget that these are also out of our hands and there is only so much you can do to keep your team motivated or drive those revenue numbers.
However, you can definitely keep your head down and focus on the things that are in your hands. While at this point it might be extremely tough to crack those enterprise deals or to grow in a new market, but it may be possible is to fix what is broken internally. For example, this might be the right time to take up those long pending decisions or to think of ways to invest in your platform, operations, processes or other parts of the business which might not have been a priority for you earlier.
History tells us that in this scenario few businesses will definitely perish and many will survive. But in the long run only those who come out stronger and well prepared for the better days, will really grow. And by stronger I don’t mean externally but also internally.
How to Fix Things Internally?
Easier said than done, fixing things when the world around you is crashing can be quite challenging. But there are always some steps that can help you in managing these situations.
Write a Leadership Memo
A leadership memo sets a lot of things straight. In one of my previous newsletters, I have spoken about the importance of the same. Once you put your thoughts on where the company has to go in writing in a memo, things become clearer. More often than not, it will provide renewed energy to your team.
Realign the North Star
Evaluate whether your North Star metric still makes sense. There is a high chance you will have to reset it and realign your teams. Make them understand why this is urgent and important for the organization’s survival and growth.
Over communication is the key
In times of ambiguity and chaos, over communication always helps. So speak with your team often to reinforce your current goals and visions. Intentionally, find opportunities to communicate with your team. Be honest and vulnerable (if needed). You will see the magic.
When everything around seems crashing, the role of the senior leadership becomes very important to lead the ship forward. As leaders, we can help to keep the team’s anxiety at bay and make the company stronger even in a downtime.
Do tell me, what are you doing internally to mitigate the risks of the current market situation?
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