ELFA Equipment Leasing & Finance - Jan/Feb 2013 : Page 20

Business-Critical skills What do leaders need to survive and thrive in 2013? DESPITE UNCERTAINTIES THAT EXIST in the economy and in the legislative, regulatory and accounting environments, you’ve got a business to run. How your business shapes up for the year is largely dependent upon the kind of leadership you provide and the team you put together to implement that vision. Given the nature of the current business and economic climate, Equipment Leasing & Finance magazine LeaDers neeD to reaLiZe asked three business experts to identify key skills business leaders that the business paraDigM need to have in their toolkit in the coming year. it’s a triCKy tiMe to be a LeaDer. With the economy so unforgiving right now, making smart business decisions is critical. Th at’s true not just in terms of strategy (whether to change your product mix or move into a new marketplace), but also relationships (whether to fi re the toxic high performer or address a confl ict head-on). All actions have consequences. So does lack of action. And with the margin for error so slim, you want to make sure you’re thinking as coolly and clearly as possible. Acknowledging that you are ultimately responsible for the results of your life, thoughts and actions creates a level of freedom not experienced by those who choose to blame others or the economy. It empowers you to act. Courageous leaders are driven by, even obsessed with, the imperative to eliminate excuse-making and blame from themselves and their organizations. —Mike staver, business coach and author, from Leadership Isn’t for Cowards is shifting. You can see that winners today speak differently and see the world differently in five specific ways: 1. Th ey move early to the next battleground. 2. Th ey coordinate rather than control. 3. Th ey don’t defi ne themselves by their industry. 4. Th ey tap the strategic power of being good. 5. Th ey create out of nothing: new categories, new occasions, new customers. – Kaihan Krippendorff, business strategist, consultant and author of The Art of the Advantage, Hide a Dagger Behind a Smile, The Way of Innovation and Outthink The Competition i aM WorrieD about heighteneD unCertainty these days, in particular, domestic policy issues and economic headwinds from Europe and Asia. I worry that uncertainty can undermine business confi dence and depress economic growth at the macroeconomic level. At the fi rm level, business leaders need to incorporate forward-looking analysis from multiple perspectives and imbed uncertainty into their planning process. Whether this is accomplished through quantitative analysis or by more qualitative scenario-based planning, there are three key points to consider: First, try to decouple emotion from uncertainty—this can be diffi cult at times, but utilize empirical data, case studies and expert judgment to guide your strategy. Second, develop early warning signals to proactively identify which direction the world is heading in. I believe that leading indicators can be very helpful in this regard. And, third, plan regularly. Th e world is changing quickly, and businesses need to maintain fl exibility to adapt to new conditions. —robert f. Wescott, phD, president of Keybridge research Join krippendorff, staver, Wescott and top equipment-fi nance leaders at eLFA’s 2013 executive roundtable, March 10–12 in Dallas. see details at www.elfaonline.org/ events/2013/ERT/ . 20 JANUARY/FEBRUARY 2013 EquiPmEnt LEasing & FinanCE magazinE

Business-Critical Skills

What do leaders need to survive and thrive in 2013?<br /> <br /> DESPITE UNCERTAINTIES THAT EXIST in the economy and in the legislative, regulatory and accounting environments, you’ve got a business to run. How your business shapes up for the year is largely dependent upon the kind of leadership you provide and the team you put together to implement that vision. Given the nature of the current business and economic climate, Equipment Leasing & Finance magazine asked three business experts to identify key skills business leaders need to have in their toolkit in the coming year.<br /> <br /> IT’S A TRICKY TIME TO BE A LEADER. With the economy so unforgiving right now, making smart business decisions is critical. That’s true not just in terms of strategy (whether to change your product mix or move into a new marketplace), but also relationships (whether to fire the toxic high performer or address a conflict head-on). All actions have consequences. So does lack of action. And with the margin for error so slim, you want to make sure you’re thinking as coolly and clearly as possible. Acknowledging that you are ultimately responsible for the results of your life, thoughts and actions creates a level of freedom not experienced by those who choose to blame others or the economy. It empowers you to act. Courageous leaders are driven by, even obsessed with, the imperative to eliminate excuse-making and blame from themselves and their organizations.<br /> —Mike Staver, business coach and author, from Leadership Isn’t for Cowards<br /> <br /> LEADERS NEED TO REALIZE THAT THE BUSINESS PARADIGM IS SHIFTING. You can see that winners today speak differently and see the world differently in five specific ways: <br /> 1. They move early to the next battleground.<br /> 2. They coordinate rather than control.<br /> 3. They don’t define themselves by their industry.<br /> 4. They tap the strategic power of being good.<br /> 5. They create out of nothing: new categories, new occasions, new customers.<br /> – Kaihan Krippendorff, business strategist, consultant and author of The Art of the Advantage, Hide a Dagger Behind a Smile, The Way of Innovation and Outthink The Competition<br /> <br /> I AM WORRIED ABOUT HEIGHTENED UNCERTAINTY these days, in particular, domestic policy issues and economic headwinds from Europe and Asia. I worry that uncertainty can undermine business confidence and depress economic growth at the macroeconomic level. At the firm level, business leaders need to incorporate forward-looking analysis from multiple perspectives and imbed uncertainty into their planning process. Whether this is accomplished through quantitative analysis or by more qualitative scenario-based planning, there are three key points to consider: First, try to decouple emotion from uncertainty—this can be difficult at times, but utilize empirical data, case studies and expert judgment to guide your strategy. Second, develop early warning signals to proactively identify which direction the world is heading in. I believe that leading indicators can be very helpful in this regard. And, third, plan regularly. The world is changing quickly, and businesses need to maintain flexibility to adapt to new conditions.<br /> —Robert F. Wescott, PhD, President of Keybridge Research<br /> <br /> Join Krippendorff, Staver, Wescott and top equipment-finance leaders at ELFA’s 2013 Executive Roundtable, March 10–12 in Dallas. See details at www.elfaonline.org/events/2013/ERT/. <br /> <br /> <br />

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