Thrive in uncertainty

If there’s one thing that’s certain in business, it’s uncertainty. Most organisations can get predictable results in an environment that is predictable. But, there are great organisations that consistently perform with excellence, even in the most unpredictable times, which we are now experiencing. These organisations not only survive the tough times, but they thrive and set themselves ahead of their competitors.

In my book, Predictable Results in Unpredictable Times, co-authored with FranklinCovey CEO, Bob Whitman, we have identified four hazards that raise trouble within organisations in unpredictable times. These include:

• Failure to execute: An organisation defines its strategy but can it execute? And will it execute? Some people may understand the strategy and they are producing. Some aren’t and probably never will. Then there’s the great middle population – how much more could they contribute if they only knew how?
• Crisis of trust: Levels of trust are at an all-time low. Securities markets plunge due to a huge crisis of confidence. Too many people see betrayal and are skeptical. As a result, everyone slows down, and everything slows down.
• Loss of focus: Many organisations are working with fewer resources – less employees and less money – which creates confusion. People try to do two or three jobs at once; work hours increase. A person doing two jobs has half the focus of a person doing one job, and half the likelihood of doing either job well.
• Pervasive fear: Economic recession causes psychological recession. People fear losing jobs, savings, even their homes. And it costs the company; just when you need people to focus and engage, they lose focus and disengage.

These conditions exist in varying degrees depending on a region’s economy and market conditions. However, as you look at these hazards you will find that they are foundationally common to most organisations. Certainly, great organisations are aware of these hazards and they work in a way that minimises or eliminates them – that’s what makes them winning companies.

FranklinCovey has studied, to date, team disciplines of more than 300,000 people in 17,000 work units in 1100 organisations, to see what works and what doesn’t in organisations in both the public and private sectors. The data collected provided the research for Predictable Results in Unpredictable Times. So what insights did we gain? What are the factors that truly create a winning company? How can you get predictable results, even in unpredictable times?

Here are the four key principles we found:

• Execute Priorities with Excellence: Winning companies have “simple goals”. They review these goals often, set clear targets, and they have strong follow-through, including clear measures and tracking of results. All team members know the goals and their roles in reaching them. They are also held accountable for getting the results.
• Move with the Speed of Trust: Low trust slows work down and raises costs. That’s why the economy, your clients and your cash flow slow down in times of turmoil. When trust levels rise, however, everything speeds up and costs go down. Winning companies are capable of quick action; they are able to keep up with rapid changes in their marketplace or in the economic environment. And they act in ways that build trust, which speeds things up.
• Achieve More with Less: Everyone is trying to do more with less, but the real question is, “More of what?” The winning companies focus on what their customers want and on creating value around that. They are not just cutting back, they are simplifying, reducing complexities that customers don’t value.
• Transform Fear into Engagement: When times are bad a psychological recession sets in. Staff become fearful, or feel hopeless, because they feel they have no control over what happens to them. Winning organisations help people break through that hopelessness and focus on what they can do. Much of the fear is caused by unclear direction, by lack of meaningful purpose. But when people have a clear, compelling mission they can believe in, they can break away from the fear and transform their anxieties into energy that produces results.

While no leader can predict what will come next or be in control of market conditions, they can rely on these changeless principles. There is a proven process for executing and getting results, in good times and bad. You can even thrive in unpredictable times –that’s where winning companies and organisations differentiate themselves.

Dr Stephen R Covey is the founder and vice-chair of FranklinCovey, and author of international bestselling book The 7 Habits of Highly Effective People.

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Great organisations Consistently perform with excellence, even in the most unpredictable times