The Four Biggest Challenges Facing Business Leaders Today

Being a great leader only gets harder as the complexities of running a business multiply more and more. But the types of challenges leaders are facing can still be bunched into a few core areas of focus. In an article for the Business Journals, Dana Manciagli discusses four of the biggest challenges:

  1. The need for wider-ranging knowledge
  2. The demand for skilled talent
  3. Information overload
  4. Constant change

Time for Perseverance

Today, business leaders need to be experts within their own domain and also have a working knowledge of other domains. Cross-functional skills are critical to working across departments to deliver business objectives. That means silos between departments must be torn down, and you and your staff should build stronger relationships with these other groups.

Speaking of staff—are you doing a good job of retaining it? And are you attracting the right and best talent in the first place? This is another challenge. In order to find and keep the best people, leaders must clearly articulate what makes this business and these job positions special. They must also help employees carve out individualized career paths that making staying more attractive than leaving.

About the challenge of information overload, Manciagli says this:

Managers now have access to extensive databases filled with information that can greatly enhance their decision-making, but the amount of data they’re presented with on a daily basis can be overwhelming. The strongest leaders know how to extract the most valuable information and transform it into strategic guidance — and how to bring in highly skilled business analysts who can help them do so.

The final challenge is the most ambiguous by nature—change keeps changing. The underlying philosophy of good business may remain the same, but the technology that enables it becomes almost unrecognizable when comparing between decades. Keeping on top of these changes is something leaders must do.

You can view the original article here: https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2016/04/4-biggest-challenges-facing-business-leaders-today.html

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