19.6 C
New York
May 28, 2024
NewsAltitude
Business TOP STORIES

Old Formulas Won’t Help You Solve Today’s Business Problems

Old Formulas Won’t Help You Solve Today’s Business Problems

Instead of relying on what has worked in the past, organizations need to focus on changing the way people think.

October 23, 2023

master1305/Getty Images


Tweet


  • Post


  • Share



  • Annotate


  • Save


  • Get PDF



  • Buy Copies


  • Print

  • Formulas may be road-tested approaches to business challenges, but formulas have flaws. What worked yesterday might not be applicable or even plausible today. There are three primary weaknesses to relying on formulas to address business issues in a constantly changing environment: 1.) they don’t work the same in all contexts; 2) they can be replicated by the competition; and 3) they can have hidden risks. To manage a fluctuating business climate, companies need a different toolkit. Instead of relying on static formulas that worked in the past, organizations need to focus on changing the way people think. This requires focusing on refining people’s cognitive skills, so they can better identify, assess, and solve unique problems in unique ways. This article covers three ways that companies can sharpen cognitive skills in their own organizations. Because when we know how to adapt, we can position ourselves for future success in an unknown environment.

    The only constant in business is change, and it’s recently accelerated to light-speed. If the rising rates of employee burnout are any indicator, there are no signs of all this turbulence slowing down. People will continue to face increasing stress and anxiety from persistent uncertainty and ambiguity. To mitigate this barrage, organizations often turn to the familiar — those formulas that have had a track record of success in the past. However, what worked in the past can’t fully address today’s challenges, as they were spawned in a wholly different environment.

    New!

    HBR Learning

    Innovation and Creativity Course

    Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.

    Unlock your team’s curiosity and willingness to take smart risks.

    Start Course

    Learn More & See All Courses


    • Andrea Belk Olson is a differentiation strategist, speaker, author, and customer-centricity expert. She is the CEO of Pragmadik, a behavioral science driven change agency, and has served as an outside consultant for EY and McKinsey. She is the author of 3 books, a 4-time ADDY® award winner, and contributing author for Entrepreneur Magazine, Rotman Management Magazine, Chief Executive Magazine, and Customer Experience Magazine.


    Tweet


  • Post


  • Share



  • Annotate


  • Save


  • Get PDF



  • Buy Copies


  • Print

  • New!

    HBR Learning

    Innovation and Creativity Course

    Accelerate your career with Harvard ManageMentor®. HBR Learning’s online leadership training helps you hone your skills with courses like Innovation and Creativity. Earn badges to share on LinkedIn and your resume. Access more than 40 courses trusted by Fortune 500 companies.

    Unlock your team’s curiosity and willingness to take smart risks.

    Read More