A Wise Investment – Yourself: November 2009 Letter from the Editor

We live in a world where the pace is constantly increasing. One of the main responsibilities of the top dog in any company is to make sure that their organization continually revises the business strategy based on changes in the industry, customer needs, the economy, and so on. Add to that the management acumen needed to deal with the changing workforce (e.g., Gen Y), and you really need to constantly sharpen your tools. Here are two key directives that can help.

Understand how your industry is changing

I'm not sure if your industry is changing to the degree mine is (the media industry), but I know that just about every industry is changing. Whether your company is being affected by lower prices, changing demand, or overseas outsourcing, your company needs to be out in front of these changes to stay relevant and grow profits. Industry meetings, webinars, roundtables or just casual get-togethers with others in your industry are more important than ever to understand where things are going and to find out how others are dealing with the changes.

Grow as a leader

The companies that are flourishing during these interesting times are those that have leaders who are evolving how they run their organizations. Have you noticed that things are getting more hectic and employees are struggling to keep up? The pace of change can add a lot of stress to an organization, and helping employees manage that stress is critical to keep employee productivity high. Participating in webinars, meetings, and other meeting venues for CEOs can help you not only to take a step back and look at what’s really happening in your business, but also to learn new strategies that are working for other CEOs in similar situations.

By the way, it is equally important to encourage your team to grow, as well. Consider sitting down with employees on an individual basis and making suggestions of areas in which they could benefit from professional development.