ARTICLES — June 03, 2020

How Great Leaders Generate Success in Tough Times

In recent months, the novel coronavirus disease (COVID-19) has negatively impacted businesses everywhere. Sales and revenue are falling short, companies may be facing the prospect of downsizing, even employees might be struggling to work remotely full time. Your team's morale is at an all-time low, and it's your job as their manager to lift their spirits and get them back on track.

When times are great, everyone’s a hero. When times are tough, great leaders step forward. So today’s business climate can provide just the opportunity to become an even more effective and inspiring leader, and to stand out in the crowd. Here are strategies you can use to lead your organization successfully through tough times.

Embrace and Proactively Seek Change

Change is the rule rather than the exception, especially when your business is having a hard time. In fact, it's not an exaggeration to say that your business might never be the same again. Change is inevitable, but you have to make sure that it is the right change, not change for the sake of change itself. If you wait until the business is failing, it's too late. By not proactively changing to keep up with changes in the internal business or external environment, you have given the competition a green flag to take over your market share and put you out of business.

Celebrate Wins, Even the Small Ones

When your company is going through difficult times, everything that is going wrong will result in low morale across the business. This is why you should celebrate any wins to keep morale high and to remind your team that their work is valuable. Whenever possible, break large company goals into smaller, more attainable goals and start tracking team progress. Whenever your team achieves a small goal such as meeting a project deadline or launching a new campaign successfully, celebrate the win.

Ask for Honest Feedback

It can be tempting for business owners to want to fix everything and bear the burden when things aren't going as expected. When your company’s in tough times, ask for honest feedback from your employees. Prepare for tough feedback that you may not want to hear. Listening to the different perspectives of your employees allows you to look at the problem holistically and can result in a stronger team dynamic.

Able to Make Good, Informed Decisions

In any era, one of the characteristics of a good leader has always been their ability to make a good decision with the limited information available to them. In tough times, companies face tighter maintenance budgets, stricter regulations and increased pressure to improve asset performance whilst confronted with aging assets and limited workforce. With IoT, great leaders can make informed decision-making based on insight, knowledge and forecasting, making managing business easier in difficult times.

To live through troubled times and emerge as a stronger organization, you must create belief in the new vision, align actions with it and turn organizational fear into excitement. More than that, The leaders who will be most successful during hard times are those leaders with the ability to demonstrate the skills for efficiently delivering on these four strategies for growth and survival. Visit https://www.telkomseliot.com and find out how IoT can help your business generate success in tough times.

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