1. Know how your business will be impacted In 2021, industrial sectors experienced Accelerating Growth, creating crunches on capacity, exacerbating concerns surrounding the labor market, prompting a willingness to purchase raw materials at higher costs than perhaps would have otherwise been desired.
Common Challenges for Leadership Common challenges that leaders face across industries include: Technology Labor (recruiting, training, retention) Buying and selling businesses All three of these challenges become increasingly cumbersome as we continue to move through the 2020s. Many businesses have not yet come to terms with the fact that they need to invest in technology to stay competitive in today’s marketplace. Other businesses are too familiar with the labor issues that are haunting many companies around the world. Meanwhile, there are leaders nearing retirement age who are considering “getting out now" rather than in a few years, and there are leaders on the other side of that coin looking for businesses to scoop up as a growth strategy. And if these are just the common challenges, aren't there even more when you break it down further? Unfortunately, the answer is yes.