Leadership and strategic decision-making in the global economic crisis
The global economic crisis is impacting on almost every organisation in one form or other. From a decision making perspective, there are two broad ways in which we are impacted
- We are being forced to make certain decisions because of the crisis. For instance:
- Do we investigate new markets to make up for our falls in revenue from traditional sources; or increase our focus on our existing markets?
- Should we be retrenching staff or considering other ways to reduce costs?
- How can we discover, and capitalise on, the opportunities that are hidden within this environment?
- Our normal decision making process is also impacted through the need for more frequent strategic decisions and greater uncertainty when making them. For instance:
- The decision to make a capital investment in new capacity is made more complex through the difficulty in forecasting future demand.
In the latter half of 2011, a small global group of experts formed part of a digital workshop to consider these types of challenges that individuals and organisations face when taking strategic decisions in the economic crisis that the world is facing. The objective is to provide some actionable advice for people who are looking for ways to lead their organisation through the challenge and to grasp the new opportunities that always abound in such environments.
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We are also building a knowledge repository of useful information concerning leadership through the crisis on our web-site; and have started with some workshop ideas. Go to the page by clicking here:
Decision making in the crisis