Photo credit: TheDyslex
Honesty is by far the best policy and I admit to discovering a whole new world of phrases and acronyms since lockdown began. Many are unrepeatable on social media, but my latest discovery is relatively harmless. According to my better informed and clever Partners, Fear of Missing Out or FOMO has been around for some time. Is this curious term representative of genuine concerns, or is it a fictional invention of the management pundits?
The term caught my eye as those businesses that temporarily closed or have at least suspended parts of their operation are wondering how to exploit emerging opportunities or how to re-establish a place in their current markets. The “FOMO effect” is driving innovation and generating some interesting responses to the challenges of lockdown and the uncertainties as the Government plays a poker hand on relaxing restrictions.
Just before the virus took hold, Empiric Partners devised a set of specialist tools to support companies seeking to expand or grow their business quickly and efficiently. Our High Growth Programme was born, focusing on leadership, culture and practical advice to assist those with such aspirations. Fast forward to the current situation and it is becoming clear that FOMO is driving companies to re-examine their plans, to take advantage of Government help and “be prepared” for the next phase of business development.
The tools in the box are limited but the four elements of Leadership, Culture, employee engagement and Practicality have never been more critical to the success of businesses as they shake themselves down, dust off the P&L forecasts and plot a fresh way forward. For my part I now believe FOMO is fact, not fiction and my cynicism was misplaced. Our fear can be put to positive use in managing and driving change as resilience and survival accompany aspirations to grow. Empiric Partners can lend a hand in mitigating FOMO and improving the odds in favour of business continuity and growth in this challenging environment.
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