Singapore - Leaders who have done their homework regularly during this economic dip will be more than well poised to lead their companies out of the dire financial crisis.
In an economic dip situation, crisis-ready leaders will be better equipped to capitalise on renewal opportunities for their organisations if they maintain a proactive business agenda. Pushp Gupta, regional leadership consultant for Hewitt Associates, says leadership teams should optimally come together every 30 days to take stock of the crisis and "figure out key strategies" for renewal.
"The crisis is unfolding so rapidly that the typical period of meeting every three months no longer justifies its existence. It has to be much more rapid," explains Gupta.
Leaders should then use this day-long, if not at least half day, meeting to focus on the activities and measures the company will work on and track against the downturn. Essentially, the meeting should set the business plan for the next 30 days. Gupta says, "That keeps the [business] rhythm at a brisk pace."
Some questions leaders should be asking their teams include:
- How long do we expect the dip period to last?
- What would our customers do during the dip period?
- What is our competition likely to do in this dip period?
- What risks and what opportunities do we see?
- What can we do to create maximum advantage?
- What specific measures can we track to see where the dip is, how would it last and when will the renewal start?
While he estimates the current economic dip to persist till end of 2009, Gupta says leaders can reset organisational expectations and minimise risks in the meantime. "Readjust those sales targets if you can't meet them in this crisis. Don't be paralysed."
Besides frequent internal brainstorming sessions, Gupta says leaders have to stay close to the market and meet up with customers regularly to sense the right timing for renewal strategies. Very soon, well-prepared organisations should start seeing the point of recovery.
