Cultivating your ‘digital confidence’
by Lynn Chouman Editor at LinkedIn News
Business owners and entrepreneurs face the challenge of having to lead the digital transformation of their company without necessarily having the technical expertise. The lack of executive confidence to drive the digital transformation might however be a big reason holding your business back from being ‘digital enough’ to survive or attract investors.
Here are some tips to increase your readiness to digitally transform your business without being an IT expert.
‘Get on the digital wagon!‘ is a call leaders and business owners have got acquainted with (maybe bored with?), and an invitation that got louder and more persistent during the pandemic. But while it’s obvious that digital transformation is no longer a luxury or an option, how vital is it really? And do bosses and entrepreneurs have what it takes to endure this transformation?
Here’s what a MENA investor told me, and a couple of tips on how to cultivate your digital confidence as a business owner or leader.
‘Some firms had thought they can delay the decision of being digital
… those days are gone.’- Fadi Ghandour
Go digital or go home
‘Everything has to be digital‘, Fadi Ghandour, Executive Chairman of Wamda told me during a #LinkedInLive chat last week. Every company that has been offline, independently of its size or industry, has to come forward and become both, an online and an offline business, he said.
‘I’m not saying the offline is dead. I’m saying if the offline doesn’t have an online presence and operations then you are in serious trouble.’ Fadi Ghandour
MENA investors who had not invested in the digital sphere are feeling they’re missing something, said Ghandour. He pointed to the increased interest from GCC governments and sovereign wealth funds, as well as family offices and angel networks that usually take higher risks at the earliest time.
Corporates, for their part, have been ‘caught off guard’ and are also joining the pool of investors on the lookout for opportunities, according to Ghandour. The ecosystem is in its early stages, he added, but it’s pretty dynamic, and the pandemic has jut accelerated what was already happening.
‘What we tasted during the COVID crisis has opened our eyes & ears to all sorts of things we need to do, and it’s time now to learn these lessons, internalize them and not think for a second that this was only a pandemic story.’
Find your ‘digital swag’
It may be evident that ‘digital’ is the way to go, but are entrepreneurs and leaders ready for the transformation? Maybe not so much.
A survey by Vistage shows that less than 30% of bosses actually feel confident about their companies’ readiness to embrace digital transformations. Adding to that, only 30% feel confident about leading remotely!
The lack of executive confidence to drive the digital transformation might be a big reason holding your business back from being ‘digital enough’ to survive or attract investors.
The challenge is that most leaders and business owners are not experts in IT.
So how can you lead the digital transformation of your company without having the technical expertise?
Here are a few tips by Vistage:
- Make innovation a priority
- Get all your team involved
- Trust your team
- Don’t get stuck in operational details
- Hire those with a ‘growth mindset’
- Keep the big picture in check
- Know your objectives.