A recent 2020 issue of The Economist states that 'the world economy is teetering on the brink of an unfamiliar downturn'. Key things that are going to affect the world economy include adverse and extreme weather conditions, financial distress in emerging economies and geopolitical tensions.
In Kenya, we have seen several symptoms of declining growth in the past few months. Companies are laying off and declaring redundancies, businesses are closing due to bankruptcy not to mention the recent locust invasion that is a threat to our country's food supply. With a disruptive and crisis environment, businesses cannot afford to stay in their comfort zone but should move into a STRETCH zone. We are living in uncertain and changing times, therefore our business strategies need to be adaptable.
To achieve high performance in such an environment, businesses need to push themselves to create and operate in what Nick Pye, Founder of Innovation and Growth Agency Mangrove, refers to as the 'STRETCH - Source, Target, Resource, Execution, Techniques, Courage and Hunger' zone. One that is characterized by learning, progression and growth, one that focuses on improving the core business offering through innovation and one that places emphasis on building a refinement strategy based on feedback from customers. Safaricom in Kenya is a good example of a business that is constantly in the stretch zone.
Assess your business, are you in a zone of comfort? If the answer is yes, start your move towards the STRETCH zone, be clear about the results that you want to achieve, how you will measure and achieve them, what you are prepared to do and commit to doing it. Don't risk sitting in the comfort zone, unite your team with a common goal so that they can perform in the STRETCH zone. Are you ready to start defining your stretch zone?
