18
May
09

Eight Silent Killers in a Downturn

Ben Shapiro visited Chicago last week and shared some of his advice on how to make it through tough times. Today, we will review his “Silent Ben ShapiroKillers in a Downturn.”

  1. Forgetting the Source of Cash Flow. Customers create cash flow. During downturns it’s important to stay close to your customers, understand their needs, and do everything you can to keep them happy.
  2. Getting Overwhelmed by Important Distractions. Downturns create multiple pressures, incredible demands, and escalating requirements for making it through the downturn. It can become more and more difficult to stay focused on the needs to succeed.
  3. Cross Jurisdictional Blaming. In many organizations, the job ends when you can blame someone else.
  4. Gutting Your Value Proposition. Your customers come to you for specific reasons and expect you to deliver specific value. Change that proposition at your own risk.
  5. Totally Sacrificing the Future. Downturns demand sacrifices. Make sure the sacrifices don’t damage the value engine.
  6. Wallowing. Negative emotions can run high and deep. Fear, anxiety, worry, self-pity – all can derail the clear thinking and decisive action required to lead during a downturn.       

  7. Going Incommunicado. All of your stakeholders are relying on you to make it through the downturn. They want to hear the news directly from you. Communicate and fill the information voids. If you don’t fill those gaps, others will, and with worse news than the truth.
  8. Panicking. Cool, collected thought is required to lead effectively during times of stress. Stay relaxed and maintain your poise. People are counting on you to set the tone.

This is a great list of risks to avoid during a downturn. The best leaders move confidently toward their strengths and the strengths of their organizations. They avoid the killers and use the situation to improve their companies and strengthen their positions.

Stay tuned! Ben gave us more insights that I will share in future editions.

Next Time: The Covenant Trap

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