Business In Hard Times: 5 Tips for Leadership In Times of Crisis

business leadership in times of crisis

It's no secret that the COVID-19 pandemic has forever changed the business landscape in nearly every industry. Leading during these times has proven to be difficult for many people, as well.

Fortunately, though, there are tips you can keep in mind to help you maintain leadership in times of crisis.

Not sure where to start as a business leader? Don't worry, we’ve got you covered for company leadership.

Let's take a look at everything you need to know about leading a biz through tough times.

1. Transparency

One of the most important attributes that you can have as a leader in scenarios such as this is transparency. This will serve to accomplish two tasks:

1. You’ll provide your employees and colleagues with an opportunity to voice their concerns

2. You’ll help them feel at ease by conveying that you’re affected just as much as they are

Since times of disaster can easily cause people to feel isolated, maintaining this level of transparency will ensure that you serve as the glue that holds your team together. 

2. Flexibility

Not everyone is going to be able to function as they normally would. This may be due to financial hardship or simply a lack of motivation/morale due to the circumstances.

While it’s not feasible to indefinitely pay your employees while they take an extended amount of time off, a little flexibility can go a long way.

This can be in the form of extra paid leave to help manage familial obligations, bonuses if your company can afford it, etc. 

3. Encouragement

Although many people may not be aware of it, they often need to hear some form of encouragement while times are unfavorable.

A great way to accomplish this is to hold a meeting that’s centered on strengthening the bond you have with your team. Reminding them that they're still here with you is often enough to help them out of a mental slump.  

You can learn more about how to handle your business in times of Corona here.

4. Set Milestones

Goals give people something to look forward to and strive toward. They also help people get their minds off of the present situation by focusing on the future.

The milestones you said should be a combination of short term and long term, which will ensure that people always have something to work toward achieving. 

5. Illustrate a Plan for the Future 

By planning for the future, you will not only establish that you’ve deliberated on ways to navigate the current situation but you'll also how to put your employees' minds at ease regarding any uncertainty they may feel.

Having a concrete plan for your company’s future will drastically increase productivity, too, since people won’t have lingering anxiety about their employment.

Remind your team as often as necessary that you’re on the path toward a better situation for everyone. 

And don't forget to focus on customer retention and loyalty to help maintain consistent sales or referrals. Without sales coming in, your business and employees don't have much of a chance.

Maintaining Leadership in Times of Crisis Can Seem Difficult

But it doesn't have to be. You can lead the way to a better business future.

With the above information about how to develop strong leadership in times of crisis in mind, you'll be well on your way toward serving as the leader that your team needs to thrive.

Want to learn more tips that can help your business or career out in the future? Visit the Startups, HR, or Career sections of our Bootstrap Business Blog right now and learn to lead.

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