On the 2nd of March 2023, Annapurna hosted an incredible event in Copenhagen about ‘Embracing Uncertainty whilst Building Business’.
As we already know, the past 2 years have seen many peaks and troughs for businesses with adaptations needed to both changing times and market volatility. As we navigate 2023, the uncertainty of our businesses’ climate doesn’t necessarily have to be seen as a hurdle but maybe as a growth opportunity.
The conversation was led by Florian Felsenreich (Vice President of Customer Success at Annapurna Recruitment), which brought about the following conversation.
Short-term planning is essential
Since the pandemic, it has not been an easy time for businesses in the UK and across the globe. Although many firms have learnt how to adapt and live with the after effects of COVID-19, many organisations are struggling to look ahead with confidence. The pandemic has revolutionised the idea of remote interaction. Businesses cannot predict the future, and so must learn to be able to adapt to changes that have come from it. The time frame to respond to these changes is becoming shorter and shorter and is therefore vital that firms start to build plans which navigate the short-term alongside the long-term.
Short-term planning during times of uncertainty can help provide many benefits for organisations that help them to feel more secure and gain immediate wins. There are many different benefits of short-term planning such as helping organisations stay on track, creating momentum, providing quick results and many more. With change being an inevitable part of working life, especially since the pandemic, many firms are right to be worried about what’s to come. Organisations were not prepared for the challenges that were presented and are now being forced to learn how to adapt and plan short-term in ways that are going to benefit them.
Long-term certainty does not exist. Firms need to be Flexible.
Despite a growing number of organisations wanting workers back in the office, employers must understand the value of flexibility in retaining and attracting talent. Since the pandemic, employees are now viewing life differently and organisations need to start learning how to adjust and pivot so that they can retain their employees. “If a company is not offering flexibility, then another one will.” Long-term certainty does not exist, firms must be flexible. So what should organisations do from a human perspective? Should they implement more social responsibility? How can they react to a crisis?
Flexibility is vital to the success of every organisation, this is because it provides people with autonomy, freedom and balance which in turn enables employees to perform better. This transpires into longer-term value such as higher levels of productivity, engaged employees and most importantly, loyalty. However, there has been a debate around flexibility in remote working after the pandemic and whether flexibility and remote working improve the success of a company or whether it does the opposite. The question lies around how can firms build the correct culture around these changes. Do they need to be more clear during the hiring process or is there something else that needs to be done?
It was then mentioned that there is always a lack of talent in some areas within a business. Based on this, if firms are wanting to attract talent, then they would need to adapt. There are many other factors companies can consider instead of salary. For example, leadership, employees around them and the working culture. If firms can accurately tackle this, then productivity will be boosted, creating a better atmosphere and facilitating more effective communication between bosses and employees.
Organisations need to be more data-driven
Why is data necessary and why should organisations seek to be data-driven? Today, businesses are producing massive amounts of data on a daily basis. Despite this, being a data-driven organisation goes way beyond purchasing the necessary apps or tools and relying on technology. It comes down to making data a key aspect of a firm’s overall business processes, culture and strategy. Data-based decision-making provides businesses with the correct tools and capabilities to optimise their performance.
Organisations must become data-driven in the areas that they need to be. The main goal of becoming a data-driven organisation is to improve decision-making, which will enable customers to provide better services and products which will improve the overall success of the business and gain profitability. However, with this comes many challenges that companies are struggling to overcome. The biggest challenge that organisations face has nothing to do with technology at all. Instead, it has more to do with the fact that people and companies are resistant to change, especially since the pandemic when organisations have struggled to shift towards a more data-driven approach. Therefore, businesses must ensure they have the right datasets and analytical tools to ensure they can handle the challenges that come with becoming a data-driven organisation.
ForTheFounders (FTF) is a community that offers value for Founders, CEOs and Senior Execs involved in tech and digital innovation start-ups and scale-ups. With digital technology vastly improving and changing the landscape, ForTheFounders aims to uncover the secrets and insights into how technology is impacting the growth of businesses.
Our events are held at prestigious venues across Europe, in cities such as Berlin, Copenhagen, Oslo, London, Stockholm, Munich and many more. Enjoy a fascinating conversation amongst entrepreneurial figureheads and founders who are like-minded that share interests in topics that start-ups must consider, such as leadership styles, attraction, retention and ESG.
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