We all are sure that the economic situation is less than desirable right now. Whether we are all in tune with every specific economic driver or not is another question. I certainly need some education on the varying viewpoints I hear daily. What I do know is this: There is tension in the economy and certain proof of it in the financial markets, cost of goods, fuel, etc. I really do hope your business is not getting an uppercut to the mouth during this tension. If you are, I do hope that it is short lived and you and your team can lead through it and above it.
We need to make sure we are always taking a look in our own mirror as leaders and as businesses. If there is ever a time that is more important, now is such. Many companies are blaming the economic tension for poor performance in sales, service, financial stewardship, strategy, etc. I believe that some of this "blame the economy" is actually an excuse. Perhaps much of the underperformance comes from self inflicted wounds. There are many businesses who conduct their affairs in a marketplace that is not immediately punched by economic tension. If those businesses are feeling punched, chances are it is from incremental negligence in leadership and wisdom over a period of time. Even many of the financial institutions that have been largely in the press lately took gambles on "house of sand" opportunities that they probably should not have in the first place, hence not being able to weather the current economic tension.
Todays global economy combined with massively informed, demanding and critical consumers requires leaders to look in the mirror and make sure they can agree with the following statements about themselves and their obligations:
1) Have I surrounded myself with wise council consisting of various experience levels?
2) Am I listening intently to such council and acting upon the wise thing to do?
3) Am I making ethical decisions as if my organization was my immediate family?
4) Do I have the courage to address and remove any leadership disease from my team?
5) Is my spending necessary and what can I remove?
6) Am I communicating frequently and clearly with everyone who has a vested interest in the organization?
7) Do I have a crystal clear understanding of all things financial within this organization? Am I seeing that my leadership is educated on this as well.
These are just a few mirror questions that we need to always ask and especially right now. If we can answer appropriately to all of these questions, we will uncover any potential excuses that could be disguised as factors associated with "economic tension."
I greatly appreciate the comment made by Howard Schultz in today's USA Today regarding the less than usual performance of sbux. "The problems we are facing have been self-induced. That's why I think we'll be able to fix them." This was his response when asked if sbux recent downturn was related to the slowing economy. For more on this article if you are sbux fan: check it out
Please share your leadership experiences as we all navigate this wild time in our nation and world. Many years from now, todays leaders will be looked to regarding "how they did it." Especially when the cycle rears up again as history tends to do.
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