What leaders should do during tough times

What leaders and companies should do during tough times Recently, several clients asked me to summarize what leaders and managers must do during tough times–like many organizations are currently experiencing.  I did some research on how companies not only survived but thrived during the Depression, researched several sources and business publications, and talked with a few clients I know who have come through tough times in an improved state.  Here, then are 7 things leaders should do during tough times.

1.       Ensure current customers are satisfied

2.       Address aggressively all aspects of their financial management

n  Spend wisely

n  Shed less profitable functions

n  Work with your vendors

3.       Increase your public presence

n  Marketing and PR are critical, be smart

4.       Manage your pipeline and distribution carefully and deliberately

5.       Focus on performance and human capital

n  Keep top talent and actively manage poor performance

n  Build synergistic teams

6.       Invest prudently in R&D– innovate

n  Add new products and services

7.       Become creative in sales

n  Financing

n  Negotiation