This may be a repeat of some advice I gave a few months ago, but it is worth repeating. I do not envy the situation of some of our leaders right now. Companies are being scrutinized down to the penny and governments are making tough financial decisions. Shareholders are angry and people are losing their homes. So how do you lead during times like these? There are five things leaders need to do:
- Communicate openly with staff, investors and other stakeholders;
- Be accountable and take responsibility for your actions (ie. admit when you make a mistake);
- Solicit input from those around you - employees, suppliers, customers, advisors;
- Surround yourself with people that challenge your views;
- Trust your gut and move on, then learn from your mistakes.
Leadership is always tough, so I believe the principles above are the foundation of any good leader, regardless of the economic climate. If you want to be a good leader, follow these five principles.