Life has a funny way of throwing curveballs when one least expects it. Whether it’s the real estate market falling just after the purchase of a high-price building or a recession hitting right as the business starts to grow, it is not so much the problem itself that will define a person but how a person responds to it. There are many different types of advice about how to overcome obstacles but the principles below are common throughout.
When facing a business crisis, it is important not to let it become overwhelming and distract from the daily tasks of an organization, no matter how mundane. While it is easy to let a crisis become a huge burden and slowly take over one’s life to the exclusion of all else, business leaders like Hari Ravichandran know that it is important to stay aware of the day-to-day both to avoid additional problems but also so that they can be prepared to spot the chance to change their fortune.
When presented with the opportunity to make a positive change, a good leader needs to be able to switch directions. Business owners who wear blinders to new ideas and are focused on the past will not be able to survive an economic downturn; they need to see how the tides are changing and be brave enough to take the risk that will reap them a huge reward. Approaching business with an open mind allows seemingly big problems to be perceived as mere blips on a radar screen.
A leader doesn’t only charge blindly forward, ordering his or her employees to follow; he or she leads by example, knowing that others will follow those who are not afraid to do a difficult task themselves. It is critical that business owners familiarize themselves with all aspects of the business, no matter how mundane or odious. They need to show their employees that they are competent and confident in all situations. If leaders can prove themselves in this way, their employees will have the faith to follow when asked to challenge themselves.
A business owner needs the energy and focus necessary to make decisions to get out of a difficult situation. However, if he or she doesn’t take the time to recharge there will be no resources available to dig deep during a crisis. Regular relaxation practice to achieve a sense of calm and wellbeing is essential to help one react productively to problems that arise. Far from being an unproductive waste of time, activities like meditation, yoga or nature walks develop skills that help anyone power through problems.
A business crisis can be scary, but there are productive ways to manage it if one pays attention and is willing to take risks and be open to new ways of thinking. If leaders can calmly take stock of the situation, focus on both the large and small details they can be ready to step in themselves when an opening occurs to make positive change.