LEADERSHIP: BEAT THE BUST

Published: 2008-10-27   please add a comment below

The Sage of Omaha, Warren Buffett, says the downturn is going to be both deep and long. Global central banks have caught the falling knife of financial collapse. But, there's blood (and shredded reputations) on the floor. And now, the real economy is in for a bad time. Customers are already delaying purchases; banks are loathe to lend - even to good businesses; and, no-one knows what the next fright will be.

But some people will prosper. Warren Buffett is one: he buys when others are selling. He's already purchased major stakes in Goldman Sachs and General Electric. But, what can I do? What can you do?

Two weeks ago, a friend, who runs a highly successful business in the leisure industry, asked my advice and it included the following:

• Act immediately. At present, many people are caught like rabbits in the headlights. And, by the time the car has passed (if it hasn't skittled them), it'll be too late. This is urgent. As never before in our careers.
• Reinforce attributes that are critical to your customers. In the case of my friend, the unrelenting quality of the product and its associated services.
• Questions every assumption underlying your business. Changed times demand (and allow) different approaches: in relation to marketing, to costs, etc. Nothing can be sacred except the core business attributes driving the buying decision.
• Engage customers as never before. My friend's business has an enviable relationship with a group of highly loyal, repeat-business customers. The opportunity for him and his people is to make this even more intense and personal.
• Lead your team with unprecedented creativity and imagination. Involve them in everything: find ways to engage them more closely and personally with clients; find ways to enthuse them; more than ever, recognise their ideas and initiative.
• Above all … Develop a Leadership Action Plan.
  

My friend has previously used my V|E|C|T|O|R Leadership Action Planning process. And, it's now online – ready for you, and the increased leadership demands of the downturn. Don’t be a rabbit. Develop a plan.

Dr. Timothy Pascoe AM
PhD (Cambridge), MBA (Harvard), BE & BEc (Adelaide)
Creator, V|E|C|T|O|R Leadership^®