Do You Have the Right Team for a Tough Economy?

Every companies’ functional leaders play a pivotal role in steering the company through a challenging economy or market adjustment. It is critical that leaders navigate their teams successfully and deliver results. Some leaders succeed, and yet other leaders fail. What are the “right” leaders doing to win in this tough economy?

6 Characteristics of Leaders Who Excel In Tough Market Conditions

1. Strategic Thinking with Anticipation:

   1. Successful leaders anticipate challenges and see opportunities when times are tough. They chart new pathways of success that align with long-term company goals to offset immediate downturns.

2. Problem-Solving and Decision Making:

   • Economic downturns require swift and sound decision-making. The “right” leader's problem-solve their new complexities quickly and make informed choices that safeguard the company’s future and find new ways to win every day.

3. Financial Stewardship:

   • All leaders on the team must have strong financial acumen, beyond the CEO, CFO and financial advisors. Every leader on the team should be adept at managing budgets, controlling costs and still finding ways to fuel new avenues of growth during headwinds. The business must go forward.

4. Engagement and Morale Building:

   • The “right” leaders inspire and motivate their teams, maintaining high morale even when external circumstances are tough. Each person on your staff should have the ability to communicate effectively and foster a sense of purpose. They should keep their employees engaged and committed even when times are extremely challenging.

5. Adaptability and Innovation:

   • The “right” leaders embrace change and encourage innovation. They help organizations adapt to shifting economic landscapes. Leaders promote a culture of agility, where new ideas are welcomed and implemented to maintain competitiveness.

6. Resiliency:

   • Strong leaders provide stability in uncertain times. Their resilience sets an example, fostering a culture of perseverance and determination that permeates the organization. Steadfast in long-term goals.

Source: Survey Business Owners & Executive Responses in Healthcare 2024 / GRN Plano Executive Search / www.grnplanoexecsearch.com