Don't leave your team stranded.
"The truth is that no one factor makes a company admirable. But if you were forced to pick the one that makes the most difference, you'd pick leadership."
Warren Bennis, Organizational Consultant and Author
As organizations adapt to changing business environments, the need for effective leadership is especially critical.
When times are good, leading a company or a team is exciting. Resources are plentiful, customers are satisfied, and opportunity is everywhere. However, when the economic conditions are challenging, this excitement and positive energy tend to weaken. People often feel the pressures of work, and they fear for their job security. These worries and fears present a major challenge for leaders who need to keep their teams on target and productive.
One of the keys to protecting yourself and your business in an economic downturn is to develop a culture that builds, and sustains, effective leadership practices.
Good leadership is good leadership, regardless of the economic climate. However, during difficult times, top-notch leadership skills become even more important. Second-rate leaders might be able to keep a company going in a strong economy. However, you need high-performing leaders to succeed in tough times.
Of course, you need leaders who can control costs and conserve cash. However you also need leaders who see opportunity - and who will strive to seize that opportunity - despite all the negativity. You need leaders who remain committed to their people. And you need leaders who can transfer their positive outlook to the people and processes around them.
In an economic downturn, you need to conserve your resources so that you can survive. However, you also need to position yourself to benefit as competitors falter, and to be ready when the economy recovers. An economy in decline is often an opportunity to regroup, rethink, and renew. To take advantage of new opportunities, consider doing the following:
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