Executives & Business Owners: How to Be an Effective Leader During Turbulent Times
James Zahansky, AWMA®
Principal/Managing Partner, Investment Advisor & Chief Goals Strategist
During unsettling times, people look to the leaders in their lives more than ever. As a business owner or leader, you are in a position to lead the people on your team in staying calm, moving forward and maintaining progress.
Whether you're facing a national crisis (like the pandemic or the economic effects of world events) or challenging times within your own company, there are a few ways to ensure you can lead your team in a calm, effective manner.
Tip #1: Make Decisions with Speed Over Precision
This may be a surprising one to hear, but at times when things are changing quickly or news is traveling fast, being a decisive, quick-to-act leader can go a long way.
The strongest leaders will:
- Quickly process the information they have been given.
- Determine what matters the most for not only the overall organization but the team.
- Make their decisions with conviction.
When the future is uncertain and you aren’t sure where your business is headed or what exactly is happening in the world, it can be easy to get stuck in the moment and overwhelmed by anxiety. But as a strong leader, you can keep your team focused and moving forward towards your long-term goals.
Tip #2: Embrace Bold Changes
Strong leaders work to stay on top and ahead of big changes - making them better prepared for what could be coming. But the truth is, just because you’re in charge doesn’t always mean you have the answers. Effective leaders know their limits and recognize the need to tap into the knowledge and talents of others when necessary.
As a leader who isn’t afraid to boldly adopt changes, you’re able to:
- Change the “old way” of doing something (if it’s no longer working).
- Recognize mistakes and change course quickly.
- Communicate effectively with team members in order to better assess and lead in all aspects of your company.
Tip #3: Be Reliable in Your Delivery
Strong leaders take personal responsibility and ownership during turbulent times - even if many of the situations are out of their control.
During times of uncertainty, you should strive to:
- Stay alert and aligned with your team’s objectives by checking in on daily priorities.
- Set Key Performance Indicators and determine the most effective way to measure these metrics. These should be monitored and reported back regularly.
- Keep your own mental health and stamina in check, ensuring you are alert, level-headed and ready to tackle the challenges ahead.
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Tip #4: Engage With Your Team
Connecting and communicating with your team is more important than ever during a time of crisis. You have the awareness to know that each member of your team is affected directly by the changing world around them - and that each is handling it in their own way. With the understanding that your employees are feeling stressed and uncertain, it’s important that you take the time needed to effectively communicate with them on a regular basis.
Making sure your team is okay personally is one thing, but connecting and making sure everything is running smoothly at work as your firm moves forward is crucial.
Your leadership skills enable you to:
- Connect with each team member individually and make sure everything is okay with them.
- Ensure separate teams are engaging and communicating effectively.
- Ask for help when needed.
- Balance your focus between your clients or customers and your team, as both need extra communication and support during this difficult time.
Tip #5: Enlist the Expertise You Need to Maintain a Strong Business (and Personal) Financial Strategy
When things aren’t going as planned, it can be more difficult to make sound, strategic financial decisions. The tendency to make a knee-jerk reaction rather than a strategic response in a crisis can cost your business, as well as you personally.
If you’re a business owner, partnering with a trusted financial advisor can provide invaluable perspective and guidance in creating a plan that will best serve your business as well as your personal goals. If you’re an executive, it’s important to ensure your personal finances are well managed (especially if your compensation depends in part on the business’s performance) – having your personal finances in order will help you focus on doing the best possible job for your company and your team.
At Weiss, Hale & Zahansky Strategic Wealth Advisors we help business owners and executives create a long-term strategy for financial success both personally and professionally, through our strategic Plan Well, Invest Well, Live Well™ process. To see how we can help you and your business, contact us at (860) 928-2341 or email@example.com.
Presented by Principal/Managing Partner James Zahansky, AWMA®. Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser. These materials are general in nature and do not address your specific situation. For your specific investment needs, please discuss your individual circumstances with your representative. Weiss, Hale & Zahansky Strategic Wealth Advisors does not provide tax or legal advice, and nothing in the accompanying pages should be construed as specific tax or legal advice. 697 Pomfret Street, Pomfret Center, CT 06259, 860-928-2341. http://www.whzwealth.com.