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Stay Calm --- Don’t Panic

Written by: Dr. Rick Johnson

Article Overview: Forest Gump once said – “Stuff Happens”. Yes it does -- anytime and anywhere. You can prepare for just about any type of economic disaster by developing a Contingency Plan and being prepared to execute under even the most difficult circumstances. What people usually do not prepare for is how to be effective leaders when a crisis begins.

Stay Calm --- Don’t Panic

Forest Gump once said - "Stuff Happens". Yes it does -- anytime and anywhere. You can prepare for just about any type of economic disaster by developing a Contingency Plan and being prepared to execute under even the most difficult circumstances. What people usually do not prepare for is how to be effective leaders when a crisis begins.

Calm during economic crisis is the key to surviving these turbulent times. Remaining calm serves to calm others and it demonstrates leadership. It may be difficult at times, especially if you have never been through a recession before but you have to reach deep inside yourself and find the strength to get past the surreal situation you find yourself in to focus on creative solutions and ideas to gain market share.

Information is Power

Your first priority as part of leadership in tough economic times is to make sure your entire team is well informed. This starts with the sales force. Make sure that every sales person has created a complete profile on all key accounts. The challenge you face is to determine exactly what your individual market situation is, not what someone thinks it is, and especially, not necessarily what the media is reporting. It is then imperative that you get your management team focused on what needs to be done and get their minds off the pessimistic media negativity. Develop performance challenges for your team and assign specific tasks.

Focus on Success

Keeping everyone focused on success gives your team an opportunity to deal with the stress and anxiety they may be experiencing due to the economic challenges they face. Depending on the severity of your individual market situation you need to develop contingency plans to determine what you will be able to do based on varying market forces. As the situation may be continuing to unfold, the development of any plan should definitely take into consideration the current situation and possible outcomes that are both short and long-term. In some cases catastrophic considerations may need to be included.

Don't Shoot from the Hip

Making hasty decisions will lead to outcomes that might have been avoided provided there was a bit more time to process the information that was available. Therefore, avoid making any decisions or plans until you have analyzed enough information to determine your course of action. The plan should be designed to keep everyone focused and centered on what needs to be done and hopefully, not on media sensationalism or fearful and panicky negative emotions.

As a leader, your responsibility is not only to ensure that what needs to be done gets done but also to keep everyone motivated. Make sure that any negative or defeatist attitudes are addressed as quickly as possible. Having everyone on the same page and working towards a common goal will ensure that whatever you are trying to accomplish will get done.

It is imperative that everyone buys into the contingency plan, if they do not --- than it is up to you to gain their support quickly and concisely by engaging them as contributors to the plan development and execution of the plan.

Manage Activities but Measure Results

It is necessary to create milestones, measurements and a scorecard that informs everyone as to the progress and successes accomplished under the plan. By managing the activities of everyone as well as getting feedback from your entire team you can make course corrections when necessary. Additionally, you should be able to fine-tune the plan so that it conforms to any changes in market dynamics.

Leadership during economic crisis is not something most leaders find easy. However, many leaders have experienced recessions before. Recessions have always led to recovery. Keep that thought in the forefront of your mind. The free enterprise system is a dynamic force and the American economy is the best in the world. There is light at the end of the tunnel. You will survive and you will be better off as a result of going through these tough economic times.

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Article Tags: contingency plan, economic disaster, leadership



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