In today’s uber-turbulent economy, business and technology leaders might be tempted to back off and let the dust settle some. But according to a new report– from Forrester titled “How To Thrive Through Volatility,” that’s exactly the wrong approach.
“This year has been marked by unpredictability and volatility — new tariffs, trade wars, outages, cyberthreats, supply chain disruptions and geopolitical tensions – all of which are contributing to global market instability,” the notes the report from the research/advisory firm. “As a result, business leaders may have an impulse to pause planned initiatives and spending and wait to see how things play out. Yet with no end in sight to this volatility, leaders should double down on investing in areas that position them for future growth while proactively optimizing costs, pivoting resources and scaling back on non-essential projects.”
For business and technology leaders to thrive through volatility and come out ahead, the Forrester report says they will need to focus on four main areas:
- Fiercely optimizing tech investments and simplifying technology. This involves identifying opportunities to streamline — such as eliminating redundant software and renegotiating to drive greater efficiency and savings. It’s also about reprioritizing — not pausing — modernization plans to be more nimble, secure and prepared to make the best use of AI and other game-changing technologies.
- Reaffirming brand value and prioritizing customers. Understanding and prioritizing which customer segments to serve will help leaders adjust their brand’s value proposition to reflect volatility shifts.
- Excelling at leading change. To successfully adapt to volatility, leaders must provide confidence and clarity to their organizations. Along with building bidirectional listening strategies and communicating transparently to employees, leaders should cultivate a culture of continuous learning and upskilling.
- Proactively managing risk. Forrester recommends managing three sources of risk — enterprise risks tied to their strategy and factors fully within their control; ecosystem risks they can partially control arising from third-party relationships; and external risks they can’t control, such as tariffs — and creating plans for addressing each type.
“Five years after the pandemic, the business world, in many ways, feels even more tumultuous and unpredictable,” said Sharyn Leaver, Forrester’s Chief Research Officer. “Unlike five years ago, when the source of the disruption was a single, unknown pathogen, today’s volatility comes from a myriad of forces beyond leaders’ control. Yet there is opportunity in disruption — even in times like these. By taking charge and refocusing on tech resource and spend optimization, change leadership and risk management, leaders can prevail where their competitors can’t — unlocking new areas for innovation and growth.”
Click here for more from the report.
Family Legacy, New Chapter: How Wilkerson Turns 89 Years of History Into Future Success
After 89 years of serving the Albany community, Harold Finkle Your Jeweler faced a pivotal decision. For third-generation owner Justin Finkle, the demanding hours of running a small business were taking precious time away from his young family. "After 23 years, I decided this was the time for me," Finkle explains. But closing a business with nearly nine decades of inventory and customer relationships isn't something easily managed alone.
Wilkerson's comprehensive approach transformed this challenging transition into a remarkable success story. Their strategic planning handled everything from advertising and social media to inventory management and staffing — elements that would overwhelm most jewelers attempting to navigate a closing sale independently.
The results speak volumes. "Wilkerson gave us three different tiers of potential goals," Finkle notes. "We've reached that third tier, that highest goal already, and we still have two weeks left of the sale." The partnership didn't just meet financial objectives—it exceeded them ahead of schedule.
