1 3 - Leading a Business through Hard Times

Leading a Business through Hard Times

 

Times are hard and they are only getting harder. That doesn’t sound very optimistic does it?  The truth is it doesn’t but that is why we are here today. The way we perceive the world and the way we understood the world until today is changing. If you are a business owner with relatively some experience you should by now understand that we are going through unprecedented times. The fact though that our environment is reshaping and that the business world is changing should not affect the way we treat things. In other words although the times seem to be hard we have to maintain a positive attitude and work towards a better future. After all isn’t that what entrepreneurship is all about? Adapting to every single problem and finding ways to overcome it? Yes it is!

The secret of maintaining a business and leading it through hard times hides within the spirit of an entrepreneur. So what is it that makes an entrepreneur adjust to these situations? and how can you take advantage of that in order to lead your business through these times? Many believe that the secret element that was naturally planted in this kind of people is their never ending motivation. As always people couldn’t be more wrong. Motivation is a powerful fuel but unfortunately at some point we run out of it, discipline is what keeps the engines running.

The best entrepreneurs in the world  are the best people to lead a business through hard times. But guess what? Although we wonder how they find the motivation to do so, the truth is they don’t. Instead they have the discipline required to show up every day and keep moving forward even through uncertainty. Understanding the importance of discipline in crisis leadership is the first step, and this is what follows. Once you have disciplined yourself there are some rules you can follow in order to get through every crisis unharmed. These rules are:

See Your Vision

The first thing you have to do when leading a business through hard times is to see your vision. Understanding where you want to go and why you want to get there is very important. We have previously talked about the importance of setting goals and how you do it and now we are talking about visions. Being able to envision your company in the future and seeing yourself in that position is also very important. When you dream of it you can do it, but first you must dream. So start by seeing your vision and then start working towards it.

Trust to Trust

Hard times mean hard situations and that pretty much means lack of resources for a company and especially monetary. When money are out of the equation what is that really  keeps us working aligned and focused on our goal? Trust of course! When unprecedented times come the best thing a leader has to do is trust to trust. That means he has to trust his people to do their job, but most importantly he has to be trusted by his people.

Sustainability Leads the Way

Sustainability is the new black. Nowadays companies have the technology, the infrastructure and the data to understand what keeps them sustainable. As a leader you must ensure your company operates in a sustainable way in order to minimize risk. Doing so will help your company be prepared for hard times and will also decrease the possibility of a hard drop on many levels. So let sustainability lead the way even if you didn’t do so before.

2 3 - Leading a Business through Hard Times

Have a Backup Plan

The truth is we have to maintain a positive attitude in order to lead and move forward through hard times. Unfortunately though we also have to be prepared for the worst case scenario. Therefore we must always have a backup plan. That means that we should be ready to treat situations and problems that might occur before they occur. Having a backup plan sometimes even means having exit plan. As we previously said although we have to stay positive we also have to be prepared for anything. So make sure to also have an exit plan just in case worst comes to worst.

People & Mental Health

The most important asset and the most important resource any company owns is its people. People can skyrocket the operations of every organisation when they feel happy in it, and burn it to the ground when they don’t. Great leaders understand the importance of their people and make sure they invest in them and their mental health. When going through difficult times people are the ones that can be affected the most so keep an eye on them. Make sure you are transparent with them and that they feel comfortable reaching out to you if they need too. In the end if you take care of them they will take care of your business.

Leading a business will always be hard, so imagine what leading a business through hard times can be like. Therefore if you want to be prepared for everything just make sure you follow these rules and remember to stay disciplined.