• LinkedIn
  • YouTube
  • Twitter
  • Facebook
  • Google+

Leadership during crisis: A 5-step primer

by on
in Best-Practices Leadership,Leaders & Managers

Business owners tackle adversity in different ways. Tempting as it may be to keep your head down and plow ahead, now is the time when your employees are looking to you on how to deal with the economic crisis. Don’t let their imaginations run wild.

Half of all employees still haven’t heard from their leaders about the impact of the crisis, and more than two-thirds say they’d rather hear something than nothing, reports a survey by Weber Shandwick. And 70% fear their companies are in for rough sledding.

Here’s how you can calm the troops:

1. Talk with your people. Level with them. Explain best-case and worst-case scenarios, based on conditions you anticipate. Describe the company’s cash flow and use of credit.

2. Explain what steps you’ve taken so far to secure its finances. Describe what recourse it has if conditions worsen.

3. Solicit your people’s ideas on getting through the crisis and how to find new revenue sources, shore up existing ones, cut costs and identify alternative supply chains. Follow through on them. Act quickly. Discuss any new opportunities for growth.

4. Stay reassuring and upbeat,
despite the serious economic conditions.

5. Move swiftly if layoffs become necessary, and don’t let people find out through deactivated e-mail accounts.

Bottom line: Instill confidence and trust.

Like what you've read? ...Republish it and share great business tips!

Attention: Readers, Publishers, Editors, Bloggers, Media, Webmasters and more...

We believe great content should be read and passed around. After all, knowledge IS power. And good business can become great with the right information at their fingertips. If you'd like to share any of the insightful articles on BusinessManagementDaily.com, you may republish or syndicate it without charge.

The only thing we ask is that you keep the article exactly as it was written and formatted. You also need to include an attribution statement and link to the article.

" This information is proudly provided by Business Management Daily.com: http://www.businessmanagementdaily.com/8678/leadership-during-crisis-a-5-step-primer "

Leave a Comment