Business leaders who thrive in tough times share this quality

The hardest thing about being a leader is that we can't predict the future, determine outcomes before they happen, or be fully prepared for challenges. It may sound ridiculous to say, but many of us strive to do all of these things, which inevitably results in failure. To truly succeed in business, leaders must operate with a balance of thoughtful, innovative, and proactive action and a spirit that will be simultaneous.

Many business leaders rely on the wisdom, insight, and direction that come from long-held business beliefs. These are not bad strategies. We read ancient texts to find direction in our lives. We consult those who have gone before us to learn from their experiences. We learn that some strategies - like doubling down during a crisis - are non-negotiable. But there's a wave of strategic business leaders charting a new course instead of these methods — and they're significantly more effective.

Resilient business leaders rely on technology, data and predictive tools to guide their preparation for the future. They understand that they are leading in a time of rapid transformation.

The digital age means that best practices change overnight, sometimes within hours, and consumer attention is hard to come by but necessary for success. Resilient leaders know they must constantly prepare for the next big thing in the business. So they consider trends and implement technology to support the future of their business. The technology ensures that they are not (or end up) stuck in the present.

Strategic business leaders leverage technology to prepare for the future.

Technology has advanced so much over the past decade that, in some ways, it is giving leaders the ability to predict the future. I'm not talking about VR or the Metaverse. I'm talking about really practical tools that help leaders anticipate and prepare for challenges. For example, most companies rely heavily on digital technology to do their work. What happens when a critical component of the technology stack fails? Leaders must take a real-time, predictive approach to IT management to avoid problems caused by technology downtime.

Digital employee experience management software exists in this space and provides self-healing systems that can identify and resolve issues before they cause mass disruption . Companies like Lakeside Software are developing this kind of predictive technology to help executives understand threats to productivity and efficiency, and respond accordingly. Preparing for the future is not just a strategic effort. It's also incredibly convenient. If leaders are to lead their business through difficult times with resilience, they must be able to anticipate challenges that affect the fundamentals of work.

Strategic business leaders rely on technology to understand and adapt to changing consumer needs.

The immediacy of the Internet has changed consumer consumption habits, creating a mentality of buying products and services anytime, whether in-store or online. But our economic environment is constantly changing and leaders must adapt to understand and meet consumer needs. Technology can provide leaders with the data they need to identify and adapt to the desires of their prospects and customers. For example, before companies can implement new strategies and processes, they need to determine what changes they need to make. Forward-thinking institutions like ATB Ventures have relied on innovative, tech-focused collaborators to leverage technology and identify issues future consumers may encounter. Investing in these forward-looking initiatives gives leaders a head start and enables them to be resilient as consumer needs change.

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