The pandemic is tearing at the fabric of our economy and businesses of every size are feeling the impact! Business owners and professionals face challenges they have never seen before. They must adapt or risk closing up shop.
It is easy to lead when times are great, and your company grows based on the market you are in and not by the ability to perform business fundamentals. A bad economy like the one we are in now does not cause good leadership to become bad; it simply reveals deficiencies shielded by the robust economy. These deficiencies are now exposed, and the marketplace and competition are exploiting them. Leaders who do not understand the difference between luck (being in a good market) and effective leadership become quick casualties in a tough economy.
The Competition Intensifies
The New Economy is like the playoff season in the NFL. The competition intensifies and stakes become higher. Each team enters the playoff game armed with knowledge of their competitor’s strengths, weaknesses, and tendencies. Game plans are designed to take advantage of one’s own strengths and exploit the weaknesses of the competition. The team with the best game plan and execution of it wins the game and advances to the next round. Teams that fail to plan well or perform effectively end up pondering what went wrong and what could have been. In sports they say, “Wait until next year”. In business there may not be a next year, especially in these uncertain times.
Are You Ready to Lead?
I’ll guarantee the leaders of the struggling companies like GNC, IHOP, Art Van Furniture, 24 Hour Fitness, and Bose Retail don’t wake up every morning thinking; “What can I do today to lose more shareholder value, de-motivate my employees while making more customers choose our competition?” Even if the results suggest that they did. The truth is that they just were not prepared as leaders to navigate in the New Economy. The key question is, are you?
What are you doing today to set your business apart from the competition and compel your customers and prospects to choose you now and in the future?