Aldi are Great at Uncertainty Management
Kaufland (similar to Aldi) pulled out of Australia this year after spending $500m and hiring 200 staff. The surprise was that the exit came before a single store had opened. They had lots of data from Aldi's market entry 20 years earlier to help with their risk management. Aldi now holds 12.4% of the grocery market in Australia and they launched in very different circumstances - uncertainty management. With no clear example to follow, Aldi's success is made more stunning by their boldness then and now - they publicly welcomed Kaufland's entry to Australia. I have no doubt Aldi would have competed fiercely and continued to innovate. Supermarkets are not 'sexy' but Aldi is certainly one to watch as they rattle the Australian grocery market. Aldi is great at uncertainty management: https://www.discernable.io/post/risk-vs-uncertainty #aldi #kaufland #strategy #risk
Entrepreneurs Don't Have to Be Creative
So many people are feeling *stuck* trying to be entrepreneurial. Don't believe the lie that you have to be creative! For a hundred years entrepreneurial theory actually focused on discovering [not creating] opportunities. Creativity is NOT the only way to be entrepreneurial: https://discernable.io/opportunities #businesstransformation
Target becomes Kmart!
Target is becoming KMART! CEO (Retired) of KMART - Guy Russo - completely turned it around to the profitable juggernaut it is today. Sadly, he didn't manage the same with Target (also in his purview) and today they announced the beginning of Target stores transforming into KMART stores. Everyone ❤️'s Kmart. Target not so much. So this should be a good move by Wesfarmers.
This is How Senior Executives Lose Their Job (World Health Organization | Coronavirus)
This is how senior executives lose their job! Competent crisis leadership isn't just about taking wise action, it's about persuading people to carry out those actions - something the head of the World Health Organization (Tedros Ghebreyesus) has failed to do. Coming under fire for a number of errors, Tedros chose to ignore the criticism and instead lash out crying 'RACISM!'. We have already seen the WHO lose all funding from its largest donor (the USA) today totalling $513 billion USD in 2017. This is how senior executives lose their jobs - failing to secure the confidence of either their staff or their revenue source(s) which is usually the public. Tedros still has a little over 2 years in his position as Director-General but not all of us have that luxury when occupying executive positions. Most of us must learn to communicate and lead with empathy, credibility and results. This is what he should have done: https://www.discernable.io/post/crisis-model #covid19 #leadership #influence
UK PM Dodges Death and Immediately Changes Tone on COVID19 Lockdown.
The U.K. Prime Minister dodges a COVID19 death, checks out of hospital and immediately delivers a persuasive crisis speech! In a climate where people are being antagonised and berated daily by leadership figures for ever-more minor infractions, Boris Johnson steps up to the plate and flips the tone from punitive to thankful, and finally to persuasive. It should be self-evident to even inexperienced leaders that compliance from your team, your people, your citizens, your staff, or your children does not come from endless criticism and discipline. It comes from: 1. winning the right to be listened to by acknowledging, validating and empathising with them (CREDIBILITY); 2. demonstrating sound judgement pointing the way out of a crisis (VISION); and 3. implementing actions and directions to lead the way out. Too many leaders take the shallow approach of skipping straight to step 3 - making edicts and demands, dishing out discipline for non-compliance. The U.K.'s Prime Minister gives a masterclass to all in the U.K. on how to 'take people with you' when asking them to do difficult things. (Full speech at end of video) 3-Step Crisis Communication Model: https://www.discernable.io/post/crisis-model
Toyota CEO Nails Communication During Global Pandemic
The CEO of Toyota uses a 3-Step Crisis Model that we should adopt as leaders in business, family and anywhere people look to us for hope: 1. Acknowledge, validate and empathise with people's fears. 2. Show the light at the end of the tunnel. 3. Map out a path through the darkness. Read all about it at https://www.discernable.io/post/crisis-model.