Leadership Strategy During Adverse Times

During these times, we have found that the most important differentiator in the marketplace of which companies will survive/thrive vs. dissipate/dissolve is leadership. Many of the top performing companies have leadership that sets the tone for the company’s success and its anticipated recovery, and provides focus for the organization. Leadership must embrace challenges throughout the company’s life cycle in order to prepare the company for unexpected change. The speed at which a company is able to embrace change —not recklessly but meticulously— will always be a critical factor in a company’s success.  However, CEO’s in our industry should also accept that not every challenge is treatable or corrigible. 

Leaders have been elevated to their positions for a reason and they should embody leadership qualities at every turn. Facing the challenges that present the largest vulnerability for the overall success of the firm’s mission and vision, and doing so at a quick pace can be daunting but feasible. During a crisis there are always opportunities for leadership to create wins when it seems impossible, and to accept challenges as an opportunity to grow. Lean into that. Making strategic, forward-thinking moves will push the company in an upward trajectory without an inordinately long list of course corrections. 

This is not the time to reinvent the entire firm. Control what you can. Don’t bite off more than you can chew as a leadership team. Spend your “change capital” wisely.  Ask yourself:

• What strategic initiatives will yield the largest result that is most meaningful to the company’s mission?
• What hurdles will we have to overcome to successfully complete those initiatives?
• What processes will lower or remove the barriers to achieve company-wide adaptation?
• What do you want the firm to look like a year from now? This is the time to curate a platform for that vision. 

There are several milestones you can set for yourself as a leader and your leadership team:

1. Revisit your company’s “why”. Then reinforce it.
2. Listen to your team. Give them a voice at the table. 
3. Reduce ambiguousness and anxiety in your firm by leading accordingly.  Many leaders are on rampages of uncertainty and it shows. Show your team how to “dial it in” and focus on the meaningful results.
4. Embody the “Ready, Aim, Shoot” mentality vs. “Ready, Shoot, Aim”. Set clear direction for moving forward.
5. Encourage wellness for you and your staff.  Mental, physical and emotional – it will contribute to positive results for the company.
6. Be bold. Simply put.  
7. Instead of fear focused actions, focus on growth actions.