Some of you may be thinking that now is the time to cut costs and go into a cautious, no risk-taking mode while putting duct tape on your wallets and purses. Although caution is prudent and contingency planning may be essential, don’t make blind assumptions and react too quickly without doing a complete analysis of your independent customer base and markets.
Economic Crisis often Presents OpportunityThis economic downturn presents many opportunities to those companies that have diligently followed best practices and built a team of employees that can excel regardless of economic conditions. There is nothing wrong with controlling costs and being prudent. However, don’t cut revenue-producing positions, functions or systems. It is easier to gain market share in a down economy. Now is the perfect time to invest in management skills training to strengthen the leadership skills in your company.
True Effective Leadership is a Scarce CommoditySome people ask me, what’s the point in trying all this 21st century leadership mumbo jumbo when the economic sky is falling on us?
It’s never too late to accept the responsibility for your personal leadership development or the development of leadership skills in your subordinates. Companies need the leadership ability to transform the organization to win in a challenging economic environment. This is not just the responsibility of the CEO. Leaders at all levels of the management hierarchy need to develop this type of leadership to create and maintain competitive advantage in tough economic times.
Leadership in tough economic times requires that you:
This should be your manner and approach to providing direction, implementing plans and motivating people during this economic challenge. If you can train and develop leadership in your employees, your personal leadership effectiveness will improve. There is no such thing as a “born leader” even though every human being has some level of innate leadership potential. Effective leaders go through a never-ending development process. You never stop learning, you never stop growing and you should never stop training and developing leadership in others. That is a key ingredient to succeeding during tough economic times.
This is the first of four articles about taking advantage of the economic downturn. The remaining three articles will appear as Web site exclusives at www.supplyht.com.