Saturday, Sep 23, 2017  
New Economy In Todays Changing World

October 15, 2011

The world economic order is changing. Economies are no longer isolated. They are constantly impacted by global economic happenings. America and the European countries, the richest nations in the world, are now watching the BRIC nations (Brazil, Russia, India, China) turning into developed nations and playing catch-up. Investments are pouring into Africa as well. Technology that seemed savvy just a few days back is considered almost obsolete today. Commercial management techniques now include management of workforce located in another country. Ecommerce websites are no longer the flavor of the day with Mobile commerce fast catching up.

Well, the world is rapidly tuning into technologies and global economy behavior and changing with haste. In this fast-paced scenario, commercial management of companies needs powerful leaders who are not afraid of alter. Their skill-sets have to be adaptive as well and they ought to keep up-to-speed with present scenario and also the coming trends. So, what makes for a effective leader in today's new economy that is engulfing us with such a cannibalistic vigor.

A effective leader is one who displays solid flexibility. He will need to maintain up-to-speed with his markets, global competition, global economy, analyze the information, predict the trends and initiate action items or adjustments. The one-plan-one-policy leader is not relevant in today's new economy, he has to be very flexible.

A leader in the new economic order must be an information-sponge. He must absorb voluminous data, ferret out the noise and retain the useful leftovers. Then he must learn from what he has and convert that information into new actionable items that will help his business generate business or retain profits. Every powerful leader in today's new economy must, therefore, have the ability and capacity to learn. He must study global economies, case studies, governmental decisions, tax regulations, commodity prices, and more, and then create a plan that is relevant for his business. Today's powerful leader must be an eager student.

Today's leader must also be a thinker. He must combine wisdom with street-smart thinking to implement plans. Look at how Facebook overtook and crushed MySpace by making a few simple changes to a similar business model! Today, successful commercial management needs a mix of both short-term and long-term thinking. There is no point making 10-year goals in today's economy - the time targets have become far shorter. However, this is not to say that a leader should do away with long-term vision.

There's no point creating 10-year objectives in today's economy - the time targets have turn out to be far shorter. But, this isn't to say that a leader should certainly do away with long-term vision.

Teams make or break the organization, and if the leader is unable to get the correct persons or retain them in these times of global attrition, then he will likely be considered a failure.To sum up, a effective leader in today's economy will succeed in commercial management by being flexible, by understanding, by thinking and by attracting and retaining top talent. If he does not possess these qualities, he will not succeed.

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