Last weekend as I combed Target for the latest deals (hey, we’re in a recession!) I came upon three full aisles of back to school gear: notebooks, pens, pencils, backpacks.
The first thought I had was, “Geez, how rotten, kids seeing back to school stuff in the middle of summer!”
My second thought was, “How have we been schooled by the events of the Great Meltdown?” Or, as I speak about in my presentations, the ‘lean in and learn.’
As reps, wholesalers, managers, or senior executives, what skill(s) have we acquired or flexed in order to navigate the choppy water of this recession?
Then, as if by request, I received the latest issue of McKinsey Quarterly, “Leadership Lessons for Hard Times”, which contained learnings from 14 CEOs and Chairmen. It is from that newsletter that these lessons have been adapted.
1. Even when business is thriving, leaders need to question what the future holds and examine scenarios that can adversely affect their business.
In many cases this foresight saved companies from deeper recessionary damage.
As part of your business plan process, which for most firms is starting right now, how much of the time and analysis is dedicated to contingency issues?
2. Have the courage to explore diverse points of view.
Change is occurring at an unprecedented speed. In order for a practice, a business, or a firm to flourish in the future, all managers need to be open to input that flies in the face of conventional thought or wisdom.
At too many firms folks that are constructively outspoken are branded as zealots, their views dismissed as ’employee unrest.’
Listen to these folks. Many not only have the courage to speak out, they may be right.
3. Whether dealing with public customers, vendors, coworkers or employees, transparent communication is the only acceptable form of communication.
Maybe because of the meltdown, or the advent of social media, or the way in which the Presidency was won, transparency has become an ‘it’ word.
Beyond jumping on the buzz word bandwagon, businesses that are open and honest in their communications receive the benefits of increased respect, elevated levels of trust, and heightened morale.
4. Stay true to the culture.
Whether culture is defined via 100 years of corporate history, or evidenced by the local spirit that is developed by a divisional manager, it is the culture that binds.
During the difficult periods it is the culture that provides the solid foundation and behavioral compass that employees (and clients) can reference.
5. Don’t squander the company’s talent or reputation in the pursuit of lower costs.
Admittedly, this is a fine line.
However, managers and executive recruiters are reporting that staffing is picking up pace as employers realize that they cut too deep, too fast.
As we make our way slowly out of the funk, great businesses will understand their learnings from the last 18 months.
How has your firm, division, region, branch, practice been schooled?