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