Photo by Marek Piwnicki on Unsplash

Leading in Tough Times: It’s Deja Vu All Over Again*

Lessons on becoming a better leader when the economy cycles downwards

It’s Deja Vu all over again. We’re into another concerning phase of the economic cycle precipitated by inflation and a volatile stock market. The operative word here though is “cycle.” Unfortunately, when tough times evolve, many businesspeople forget the economy’s cyclical nature and either panic and take rash actions or freeze with fear like a deer in headlights.

Whether the challenges are a result of a bubble burst such as befell internet stock in 2001, the real estate woes of 2008 leading to the great recession, or the current volatility, there are four lessons to becoming an effective leader. One who is better equipped to navigate the tough times.

1. Embrace the cycle, take risks now, ‘buy low and sell high’
2. Lead now, take prudent risks, get ahead of the pack
3. Put time and money into developing your team
4. Improve your emotional intelligence

Lesson 1: Embrace the cycle, take risks now, ‘buy low and sell high’
It instinctively feels counterintuitive of course, but as this is a cycle, those who take risks now will be able to “buy low” and hopefully “sell high” as the economy…