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How Leaders Should Handle Company Downturn

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How Leaders Should Handle Company Downturn

  1. 1. T H I E R R Y D E N T I C E . I N F O H O W L E A D E R S S H O U L D H A N D L E C O M P A N Y D O W N T U R N Thierry Dentice
  2. 2. Effectively dealing with challenges or struggles when a business is undergoing a massive economic or structural downturn is a incredibly difficult task for leaders regardless of industry. To create and maintain long-term success, be sure to follow these steps to stabilize workflow internally, while also producing an atmosphere that is conducive to further business engagements.
  3. 3. Along with utilizing emotional intelligence throughout these various processes, using a concept titled “strategic empathy,” allows leaders to project an interesting balance of both the individual employee and the overarching business goals. Emotional intelligence is also a key component to remember as you maintain business relationships with employees, upper management officials and employees who report directly to you.
  4. 4. Appreciate Honesty
  5. 5. Even if sometimes honesty in the workplace can be frowned upon, as your company undergoes this transition, be sure to value and highlight the importance of truthful advice, thoughts, or ideas during meetings. Although you must listen at every level, the best leaders look carefully for that middle ground or middle manager that deconstruct whatever is going on internally is a great way to move forward and grow to better times.
  6. 6. Anxiety
  7. 7. In addition to leaders being anxious about the company’s future, keep in mind that employees of all levels are aware of the business’ current state. While there is a huge possibility you may be experiencing a huge amount of anxiety, take a deep breath and be the role model for your team. This in turn will quell any nervousness, anxiety or doubts your employees may be experiencing.
  8. 8. Fix Whatever is Broken
  9. 9. One mistake that many leaders fail to address properly is fix or deal with the issue before it spirals out of control. Utilizing decisiveness as a salient tool is the best way to align your verbal confirmations with intelligent, well-thought out action.
  10. 10. Outside Perspectives
  11. 11. Receiving advice from other coworkers, employees or leaders internally can be quite useful, but this information can be somewhat partial. Keeping an eye out for objective perspectives that can offer unbiased insight in this business situation can create a level of awareness to issues you may be overlooking. Peers, friends from other companies who have undergone a similar experience, and leaders in different industries can offer sound insight that has the potential of guiding your company through this difficult time.
  12. 12. Collective Effort
  13. 13. Another important step to take while your business is struggling is to create at atmosphere built around working towards a common goal. Establishing a common, single-focused mindset can not only appease everyone’s conscious a bit, but also augment positivity across the board. Challenges like these will test your strength, perseverance and dedication as a leader in your respective field.

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