Leading your team to triumph through tougher times
Anyone can manage a company through good times, but now, more than ever, it’s important to take the time to step back from your daily tasks and ask yourself whether you’re equipped to lead your team to success through challenges and uncertainty. Managing in a downturn may be difficult for many of today's business leaders, who have built their careers through years of economic growth. Natural attrition may have removed experienced managers from your business.
Make tough decisions early
When the going gets tough, real leadership is required at all levels. Now’s the time to ask yourself if you have the right people in the roles.
Ask for help
Don’t be afraid to bring in external assistance. External consultants and advisors can help you step back from your day-to-day operations and give you insights and advice on your leadership skills and the health of your company culture.
Talk to your team
Now, more than ever, transparency and clear communication is critical to leadership effectiveness. Increase dialogue with your employees so that it’s two-way flow of information, rather than just a one-way flow of instructions. Be honest with them, even if you are having problems. Tell them how you are dealing with issues and how it will improve the company’s prospects. Genuine communication will strengthen your staff’s trust in the business and can help prevent kneejerk reactions to rumours.
Prepare for competitor action
Now’s the time to consider protecting your top talent from bring snatched by competitors. Consider creating special incentive plans that reward loyalty and seniority. Ensure existing incentive plans are based on the new economic realities and attainable targets.
