Let It Go: Don’t Get Frozen In Uncertain Times
Practicing caution in uncertain times is a popular strategy. But, in fact, uncertainty presents opportunities for innovation, creativity, and – yes – risk-taking. It’s a time when seriously pondering the ‘what ifs’ can lead to survival, growth, and strong leadership.
It can be tempting to pull back, hold back, and play it safe during uncertain times. In fact, according to one survey of business leaders, about a third said they have felt paralyzed by uncertainty, and nearly half report having put off thinking about decisions because it is uncomfortable. However, if you look around, there are other innovating, trying new things, reaching beyond the same old same old, and taking measured risks. Moving past caution doesn’t mean recklessness. It means identifying real threats and sorting those from those that are imagined or possible but unlikely. Then you can more effectively manage those risks and predict future ones. It also takes a bit of courage and optimism. By focusing on the opportunities presented by challenges, it is possible to uncover new potential for partnerships, business niches, or income streams.
Think Outside the Box
Start by talking to your team. Ask them to consider the ‘what ifs’ and allow them to share ideas and suggestions in a judgment-free environment. Find out where they think money and/or time is being wasted or could be saved. Pick their brains about what they’re hearing from vendors, customers, colleagues, neighbors, and friends. What are some trends, unmet needs, and communication gaps? Look at what others in your industry, as well as those in other industries, are doing to survive and thrive. Where are they cutting costs? Where are they investing?
Create a list of the best ideas, then triage. Which ones are most feasible and likely to get the biggest bang for the buck? It’s important to be realistic about the financial investments and staff time any innovations will require. Looking for opportunities to balance efficiency and urgent needs and goals with long-term considerations.
If team members will be expected to put in extra time or take on additional tasks or responsibilities, be sure to share your vision with them and help them understand how their efforts will benefit them and the organization. Consider incentives such as flexible working hours, the ability to work remotely, and time off or bonuses after successful project implementation or completion. Team leaders need to have a clear, common vision of what they are doing to survive and move forward in uncertain times, and they need to be able to share this with others.
Focusing on this out-of-the-box thinking and innovative ideas can also help morale and even retention, as employees are encouraged to feel more optimistic and engaged. Remind team members that you’re in this together and that their contributions are important. At the same time, practice person-centered support. Not everyone responds the same way to uncertainty and change. Encourage leaders and managers to give each person what they need to feel more confident about the future and the need for change. Let staff know how to get help or care to deal with staff and anxiety. Urge everyone not to neglect self-care.
Forget the Crystal Ball. Trust Your Instincts…and the Data
More than ever, you have tremendous amounts of data at your fingertips. Use it to your advantage. AI technology can help you sort through it and help identify trends, potential future directions, and areas where there might be opportunities for positive change. At the same time, trust your own instincts and experience. While planning is important, it’s okay – and often necessary – to tweak plans, change directions, and pivot. Change, even when it’s possible, is uncomfortable. There will be sleepless nights and days when you will sweat. But when you make decisions with the best possible information and based on your ability to be an innovative leader, you increase your odds of success.
Increase Your Comfort with Risk-Taking
Taking risks, even in the best of times, can be intimidating and sometimes ill-advised. Yet, measured risks can take you out of a slump or over a hump in uncertain times. Ask – and answer – some key questions to get started:
What is the trajectory of the risk? Is it short- or long-term? Is it cyclical, such as credit risk that goes up and down? Is there a history with this risk – has it happened before and, if so, how did it play out? The good news is that technology, such as AI, can let you feed information/data into a program and view possible scenarios, solutions, and/or courses of action.
How are you prepared to respond to each risk? Identify organizational strengths and weaknesses, and determine what mitigation, prevention, and response strategies you have in place. For instance, how are you prepared to prevent/address security breaches and other cybersecurity threats? When was the last time you assessed these? What new kinds of threats are there? What new cybersecurity technology is available?
How may things happening in the industry and the world today create challenges for the future? This is one place where that ‘what if’ thinking will be useful. Start with blue sky thinking, then drill down to identify those risks that are most likely to happen.
What is your risk tolerance? There are some areas where there is no room for risk – things like workplace violence or resident safety. But there are other areas where risk may cost little or nothing or may involve an investment, but have a potential for tremendous ROI.
There are many stories about people who thought outside the box and took great risks that paid off. Sylvester Stallone wrote the screenplay to Rocky is less than four days. Although he was offered a huge sum by producers who wanted to buy it, he chose to accept a much smaller fee if he could play the lead role. The movie made millions, and Stallone became a star. Stephen King was scraping by as a writer, and the rejections were piling up. He was tempted to quit, but his wife read some pages of the book that became Carrie and insisted he stick with it – ultimately taking him from starving writer to superstar author. Whole Foods started out with 19 employees, and many people thought there was no way there was a huge market for organic and natural products. Today, they have stores across the country and 105,000 workers. The stories go on and on.
No doubt, the senior housing market is facing some real challenges, but there are opportunities too. We all need to work together to step out of our comfort zones, look for those opportunities in the challenges, and have the confidence to take risk that will shape the future.
