Navigating Business Opportunities and Challenges in 2023

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2023
Pharm. Sesan Kareem

It seems like yesterday when we welcomed 2022 with fanfare, joy, and gratitude. As leaders, we also set smart goals for ourselves and our team members and started working on them. The truth is that this year has been a challenging one for business leaders. The global economic crises, post-COVID-19 pandemic, high inflation rate, unfavourable exchange rates, as well as relocation of top talents, are some of the challenges many business leaders have faced this year.

Despite these hurdles, a few of us have surpassed our personal and business goals; and others are still working hard to end the year high. While we must keep implementing our fourth quarter strategy, it is also important we start planning for 2023 and be more proactive.

Below are things you can work on to make 2023 a better year for you and yours.

Mindset

As business leaders, we know how important our mindset is. Mindset is everything. Our subconscious mind is a muscle we must keep building every day with positive thoughts and ideas. With our volatile, uncertain, chaotic and ambiguous business environment, it is easy to focus our mind on the negativity around us. As business leaders, we need to shut out the noise and focus our heart on possibilities, growth and impact.

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We need to create a routine to exercise the power of our mind daily by using imagination as a tool of creation.

Below are tips to keep your subconscious mind focus on your objectives for 2023:

  • Create time for meditation daily
  • Have a gratitude journal and write in it daily
  • Read your goals daily

Emotion

As business managers and executives, being in charge of our emotions is a must, not an option. There are many business challenges beyond our direct cause that we must solve. It is either we exercise emotional intelligence and make the right decisions at the right time or we become emotional and make bad decisions that can threaten the existence of our business or growth.

Also, as business leaders, we must manage the emotions of people that work with us, to achieve the objectives, mission and vision of our enterprise. Our ability to identify, understand, and regulate other people’s emotions makes us a transformational leaders and a great example for our team members.

Below are tips to become an emotionally intelligent leader:

  • Take a deep breath when you are faced with tough situations or difficult decisions.
  • Pause and think before making the next move.
  • Inculcate wellness activities into your daily routine – dance, walk in nature, engage in your hobby, or spend quality time with your loved ones often.
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Skills

What brought us to this height as leaders is commitment to constant, never-ending improvement, through continuous learning. What existing skills do you need to upgrade? What new skills do you need to acquire? What experience do you need to turn into expertise? What old ways of doing things do you need to stop? What percentage of your income will you invest in updating your knowledge bank? What free courses can you do online to have an edge in our competitive business world?

My point is, you need to have a strategic plan for your personal and professional development as a business leader.

Below are habits you can develop for your personal and professional development:

  • Read your holy book and a personal development book for 30 minutes early in the morning.
  • Listen to an audio book on the road.
  • Attend a seminar or workshop once in a quarter.

Training

One of your key roles as a leader is to personally train your team members on a regularly basis. I strongly believe that every leader must also be a teacher. While working with external consultants or trainers are necessary, business leaders must have a schedule to develop their team members’ mindset and skillsets. They must also encourage other leaders within the organisation to train their direct reports on an ongoing basis.

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Below are things you can do to make learning and development an integral part of your organisation:

  • Schedule in-house training on a monthly basis.
  • Make training report an essential part of the performance appraisal.
  • Create a book club.

In essence, regardless of the challenges in the business environment, leaders must find creative ways to thrive, not survive. This definitely requires a “can do” mentality, a positive mindset, a world class skillsets and a learning and development culture. Regardless of  what goals you are setting for your business, the above truths can be helpful in making 2023 a successful and rewarding year for you and the people who look up to you for leadership.

ACTION PLAN: Inculcate actions on the above four areas into your routine in 2023. In strategising for 2023, give attention to mindset, skills, training, and emotional intelligence.

AFFIRMATION: I am a leader of men. I am blessed and highly favoured.

Sesan Kareem is the co-founder/CEO of HubCare, www.hubcarehealth.com, and the principal consultant of Sesan Kareem Institute, www.sesankareem.com.ng. He helps people and organizations improve performance and productivity.

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