Leading through adversity: achieving lasting change during economic challenges
December 20, 2022
Recently, Kreston Global Chief Executive, Liza Robbins was asked by People Management magazine to write about a subject closer to her heart; leading through crisis. To read the full article click here, or read the synopsis below;
Leading through adversity
As economic uncertainty becomes more common, it’s important for leaders to know how to manage and respond to new challenges. Rather than simply preparing for the worst, leaders can use these difficult times as an opportunity to make positive, lasting changes. The key is to focus on your people, who should be your top priority. Make sure you are visible and available to them and communicate openly and transparently. It’s also important to plan and prepare for different scenarios, ask “what if” questions, and recognize that it’s okay to not have all the answers. In fact, it’s better to avoid making unsupported predictions, especially when it comes to predicting how long a difficult period will last.
Collaborating for success
Another key element of strategic thinking during economic uncertainty is the importance of collaboration and consultation. It’s impossible to consider every new opportunity or eventuality on your own, and relying on individual action can lead to more mistakes. Instead, leaders should recognize the ecosystem around them and take advantage of the collective, innovative thoughts of the people around them. However, it’s also important to take care of your own mental and physical health, as the stress of a crisis can take a toll. Make sure you take breaks, practice self-care, and seek support if needed.
Finally, remember to stay flexible and adaptable, as things are likely to change quickly. Stay attuned to what’s happening in your industry and the broader economy, and be ready to pivot if necessary. By following these principles, leaders can navigate economic uncertainty and emerge stronger on the other side.
Contact us if you would like advice on growing your business through uncertainty.