5 Leadership Strategies to Sustain Your Business, Calm Your Team and Come Out The Other Side
Who would have thought one month ago that a virus could so drastically disrupt our marketplace? It has us washing our hands profusely, fist-bumping instead of handshaking, and walking through airports and shopping malls praying no one touches us.
If nothing else, this virus reminds us just how fragile our economy is. It reminds us how much is out of our control, and how things can change on a moment’s notice. Even if you are in an industry that is strong right now, not being directly impacted, it is still an excellent time to sit back, take a breath and ask yourself, are you prepared, are you ready for massive disruption?
Change is Inevitable
We are living in a time of constant change. We have a global market has opened up opportunities. New competitors entering daily. Technology that is constantly redesigning the marketplace. The one thing we can all agree on, it is probably the one thing we are all worried about, is what has made us successful to this point, what has grown our companies, it is not going to be enough going forward. We need a different approach and a new style of leadership.
In my new book, “Thrive: Strategies To Turn Uncertainty To Competitive Advantage,” (due December 2020), we explore the methodology for that style of leadership and the in-depth plan for growth no matter what the marketplace does. But today, we need a plan for the Coronavirus, (COVID-19) because who knows how long this will impact our economy, and the level of change it will invoke.
5 Strategies To Help Sustain Your Business, Calm Your Team, and Move Beyond Coronavirus
1. Focus on What You Can Control:
Look to what you can control, and pretty much forget the rest. Of course, you need to keep an eye on what is happening with the virus. But do not obsess. There is nothing you can do about travel being closed to Europe, events being canceled, or the media hyping up the dangers.
As a leader, your energy is better spent focusing on your business and what you can control: helping your customers, looking for revenue opportunities, limiting expenses, and working with your key team members on finding new opportunities.
2. Be Transparent:
Communication is important at this time. Be as open as you can with your team right now. If this is impacting your business, even if you are worried, as a business owner, it is ok to share that with them. Your team can handle tough news; they can handle challenges; what they can’t handle is the unknown. Right now, it is better to over-communicate than under-communicate, and do everything you can to keep your team and your customers in the loop.
3. Engage Your Team:
After you share information with your team, ask them for their ideas and opinions. It would be best if you had all hands on deck right now, and everyone fully engaged. Remember, people support what they help create, and asking your team for their input will ensure you are tapping every resource you have at this critical time.
4. Diversify Revenue:
Ask yourself if you can diversify revenue at all? Whether your income stream is compromised or not, it is still a good time to diversify. Can you offer some things online? Can your salespeople sell into different markets? Is there a new service you could be offering? It may take a while to get these revenue streams going, but now is a great time to plan.
5. Create A Plan:
Create a plan if you do not have one. Coronavirus will not be the recent disruption we have to the marketplace, and you need to work with your team to create the strategy for situations like this. Remember, if you see change coming, it is an opportunity, ignore it, and it will defeat you.
Change grows like kudzu in our marketplace today, and as a leader, you have to be prepared. These strategies will help you get through this crisis, but stay tuned because each week I will be sharing research, stories, and steps in the methodology of how exactly you turn all of this uncertainty to your competitive advantage.
Leadership Resources for You and Your Team:
Succession Planning Webinar: March 19th at Noon EST- Sign up now. It is free. Registered attendees will get a copy of the webinar and a bonus offer from us.
Meridith’s Coaching Programs – Hire Meridith to coach you and your team on your business growth or leadership development plans!
Meridith’s LinkedIn Courses: Visit Her Books & Courses
Photo credit: Rawpixel.com/Shutterstock