If you’re like most leaders, you’ve never before experienced a downturn like this. Reports about the end of the recession mean little if your company continues to fight cash-flow problems. You know that the term 'jobless recovery' is an oxymoron.
You cannot allow yourself to be afraid. Others look to you for strength and guidance. You must give the best you have and move quickly, even when faced with incomplete information.
In his new book, Ram Charan: Leadership in the Era of Economic Uncertainty: Managing in a Downturn, the bestselling author identifies the key rules to follow if you want to get the right things done in difficult times. They include:
· Pay attention to salespeople’s contributions.
· Accept guidance from your board of directors.
· Understand how various business functions must be aligned and coordinated.
· Communicate candidly and frequently.
· Respond to external pressures in realistic, yet positive, ways.
Uncertain Data
Projections and estimates are little more than guesses these days. We won’t know when we’ve turned the corner, and we cannot envision the future shape and scope of our businesses. What we can say is that change will present as both a danger and an opportunity.
Smart leaders are reshaping their businesses to carry on through whatever hard times lie ahead. They are making changes now so they can emerge in better shape than before, ready for new growth. They’re pouncing on new opportunities, devising ways to move faster and trying to serve customers in different ways.