Keeping your edge

As the business world continues to get more complex – and the world economy more interdependent – what can you do to maintain your own leadership position and keep your company heading in the right direction? How can you stay relevant and up to date on the latest developments in your industry, the economy and the world?

Clearly, the answer is continuing education. It’s no longer possible to rely on the skills you learned in a bachelor’s, or even a master’s degree, to maintain your edge. Success in today’s business environment requires constant updating of skills and continual learning. While I suppose that this has always been true, in my view it has become an even more critical element of success. Business leaders today must spend more time learning, and must learn a wider range of subjects than ever before. New technologies, geopolitics, financial tools, marketing channels, public opinion – all are elements of your success and you need to stay abreast of the latest developments in each of them.

But what type of education do you need? What can you afford – both in terms of time and money? Fortunately, there is a wide variety of educational programmes and improvement opportunities – enough to meet the needs of any aspiring business leader. Here are just a few:

1. Keep up with your reading. To be truly effective in your role, you need to read often and widely. For many executives, it seems difficult to find the time to read, but it’s the best way to stay up to date on world affairs, the latest technology trends, leadership concepts and the like. The Wall Street Journal, theFinancial Times, your local paper, and your industry’s trade magazines are all publications you should read regularly. However, I also believe that you should periodically take the time to read things outside your particular area of expertise. Pick up the latest management book, biography or history. Consider magazines that cover topics seemingly far afield from your own – you’ll never know where you might pick up a new insight. 

2. Build personal relationships, both in and outside your industry. You can learn a lot from your friends and colleagues. They can be terrific sources of encouragement and new ideas. Sharing your current challenges could lead to unique or unusual solutions that have been tried elsewhere. Conversations on what you are reading or seeing in the news can help you understand a wider viewpoint.