If there is one thing consistent about being in business, it is the inconsistency of business. When your company is faced with tough times, how do you handle the changing current? Great leaders know how to navigate an unstable business climate and, oftentimes, capitalize on it.
Be proactive, not reactive. – When panic sets in, reactive leaders become frantic and emotional. Great leaders are proactive. They break bad news calmly to their partners and employees and assess the situation effectively and efficiently as a team.
Focus on moving forward. – Great leaders don’t play the blame game. Instead of asking, “Whose fault is this?” ask, “What do we need to do next?” Pull your team together toward a common goal instead of setting them against each other.
Keep your team informed and focused. – Give your team as much information as the situation allows. Lead them to success by concentrating on what they can do rather than worrying about what they cannot. This way you’re managing them and not their fears.
Don’t make assumptions. – When bad things happen, we often rush to identify the cause, allowing our pre-existing concerns to drive conclusions rather than the facts. Instead, carefully analyze the situation with your team and ask neutral questions to diagnose what is truly going on.
Hopefully with the tips above you can turn your business’s tough times into big wins.
Note: “Fresh Ideas” are published each week by Countybank and its family of financial service companies. With financial centers in Greenville and Greenwood, Countybank has a team of highly engaged professionals ready to bring a full scope of financial solutions designed to help families and business owners reach their goals.