8 Leadership Strategies In A Turbulent Economy
The current economic situation will put to test business leaders’ mettle, many of whom (if not most) have not had to face the likes of such an economic maelstrom. The challenge will be (if not already) twofold: to focus on key elements of their business, namely their products, services, profitability, costing structure relative to their market keeping their key employees and retaining customers; and to be inspiring, garner confidence, be creative and be as bold as perhaps even the Star Ship Enterprise mission... where no one has gone before.
It titillates a bit on the sensational, but in this day and age it may not be too far off the mark. The times they are a changing and change we must if the engines of business and economic recovery are to be given the opportunity to restore our economic prosperity and way of life.
Anyone can Google search and seek information on leadership. While the election of President Barack Obama has sown the seeds of change in society in general, business should also be prepared to be impacted in a profound way by the current environment. The true test will be for leaders of businesses of all sizes to be able to understand this environment. That means new emerging realities of social responsibility, environmental consciousness with a demand for transparency by employees, consumers, customers, clients, the media, constituents and the general population alike. All are well informed by media of various types.
So what are today's business leaders to do to ensure their business and companies remain relevant, profitable and in tune with today’s market realities?
Unfortunately many business and company leaders will be inclined to think they can ride out the storm, circle the wagons, stay below the radar and come out of it alive and just survive. Some may cut costs by laying off employees, reducing services, inventories, production and production lines without thinking strategically how to place their business in a new emerging economy.
A job description of a business leader in today's world might read: have the capacity and capability to instil and inspire confidence to a demoralized staff, hold a vision that is clear and part of the consciousness and psyche of the team, create a winning and can do attitude even when adversity is at the door or the task is daunting, create an image of social responsibly and an advocate for doing things right, stimulate ideas that go beyond traditional thinking, recognize vehicles of change that move resources, people and information towards results that have greater significance than simply bottom line results.
So what are 8 strategies that a good leader should do?
- Impart a vision and influence employees to buy into it.
- Ensure your business model reflects a cost, pricing and profitability structure that is relative to your market.
- Focus on key areas of organizational performance that ties in with: social responsibility, environmental stewardship and a recognition and acceptance of employee ideas that can galvanize the business to new areas of development and prosperity.
- Use of the Internet to market and increase your online presence including using social bookmarking sites such as Twitter, Facebook and YouTube as potential tools and mediums of business/social interface, intelligence and research gathering.
- Ensure your customers and clients understand without reservation who you are, what you stand for, what your company is about and how it has purpose and relevance to meeting today’s emerging market and societal needs.
- Ensure staff has the necessary tools and authority to streamline decision-making processes that can help create greater response time to customer concerns and queries.
- Enable technology to increase efficiencies in all companies that include business, manufacturing processes, the producing of accurate information, financial and other aspects that will help maintain a competitive edge.
- Reward performance, instil accountability, show transparency from top to bottom and create a culture of passion, excellence and excitement that is infectious and real.
No businesses and companies of any size in modern day times have ever faced these dark economic clouds. It will be the wisdom of modern day leaders, in business and in government, who will ultimately steer and shape their actions and the outcomes of today’s challenges.