It is also important for the leaders to get full details of their operations so as to be better positioned to defend their core business in the event of economic crisis striking. Short term strategies are advocated so as to be able to deal with the situation. Essentially, there are six leadership traits for hard time which include the following
In most cases, revenues for businesses are generated through sales hence the need for the sales people to be as realistic as much as possible. They should scan the current environment and see if they can get an opportunity through evaluating the customers’ potential to buy.
These communicate the financial position of the business both internally and externally. Their main role is to communicate clearly and honestly so as to keep the investors and lenders abreast about the situation obtaining on the ground. Another role is to allocate resources according to the current state of economic affairs. There is need to identify the projects that matter as well as set new priorities.
To those CEOs who presided over thriving organisations, there is a tendency to believe that they know everything. This over optimism is at time dangerous since they can engage in other risky activities such as debt which can sink the organisation into oblivion.
Against this background, CEOs should remember that they are leaders and should inspire their workers even during trying times. They should remind the workers that there is light at the end of the tunnel hence should not despair.
There is need to establish respectful relationships with the stakeholders in order to contribute to the firm’s credibility. Information about the situation obtaining on the ground is very important and it should always be truthful.
Capable leaders will often have a vision and emerge stronger from a financial crisis.