THE BALANCING ACT - HASSEM PRAG
When you look at the definition of a balancing act, it is defined as that which requires a delicate balance between different situations or requirements. Another definition is the attempt to cope with several often-conflicting factors or situations at the same time.
Mo, Hassem, Mohammed, IT, CIO, Fintech, Advisory, Consulting, Leadership, Technology, Tech, IT, ISFAP,Jay Prag,Farieda Mayet,Jayesh,Bank Zero
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Does Culture Top Strategy Mo Hassem v25

THE BALANCING ACT

Whenever I hear the phrase a “balancing act”, I find myself picturing an acrobat on a rope trying to get from point A to point B. As the acrobat steps on to the rope, carefully planning his moves, precision and focus is required. As one foot lifts in the air to move forward, the other foot is used to balance the acrobat, keeping the rope stable and firm, as the slightest of movements will create a ripple in the rope. The acrobat’s whole body requires to work in synergy, his mind keeping calm and focused, his eyes focused on the endpoint, not being distracted by external factors, his arms balancing his body on the rope as he moves forward. As the acrobat places his foot down on the rope in front of him there is a slight ripple as a new point on the rope has changed, it is now carrying the weight of both feet, and the acrobat has to focus on gaining stability and ease. When he is confident enough he makes his next move. Lifting the back foot he release the weight and again a slight ripple for the situation has changed on the rope. And so, with absolute focus, the acrobat eventually makes it across.

When you look at the definition of a balancing act, it is defined as that which requires a delicate balance between different situations or requirements. Another definition is the attempt to cope with several often-conflicting factors or situations at the same time.

As the world is bracing themselves with COVID-19, it feels like many organizations, governments and health sectors are required to perform a balancing act in managing the challenges they are facing. Our focus on strategy to grow our business requires us to achieve success but also perform a delicate act in decision-making to move forward, existing operational impact on processes and people that needs to stay stable and firm while we need to introduce new changes, transformation and technology.

How long should we hold the foot in air before placing it carefully on the rope.

Business are balancing existing operational cost versus loss in sales, regulations and policy versus innovation, quick decision making versus creating chaos, how do you know that if you don’t make that move at the right time that you are losing the opportunity and someone else is gaining the profit. I find myself pondering the challenges faced today, the balancing act that organizations face that will be impacted hardest due to COVID 19 such as your traveling, entertainment, services such as spa’s and restaurants while others will gain popularity such as online shopping, virtual meet ups  and not to mention the sanitizing companies. So how do you create this balance? Careful preparation has been made for those disasters we could not foresee and yet we planned for them, but when we experience them do, we realize that maybe we have not planned and invested enough in them. However, we are now faced with additional challenge such as power outages, cyber security and human resources challenges in managing people offsite.

The question now revolves around survival. Does your organization have the tools and platforms to allow staff and customers to engage online and still receive the experience when engaging with you?

Some banks have far surpassed the digital online space through mobile apps and online, some large retailers as well. But not all organizations have an efficient digital platform and must form a balancing act in maintaining what they have versus what they need or must do.

Building strategy for the sustainability of the organization is usually a future plan with all the current resource challenges, policy and regulations, economic uncertainty, technological pressure, social constraints and environmental factors we are facing as a business we have one very sensitive balancing act to implement to ensure oursurvival.

by Farieda Mayet