10 Reasons the Bad Economy is Great for Your Leadership

There are so many reasons to bemoan the economy as creating havoc with our organizations, businesses, lives and well-being. After all, why not? The economy has left leaders and employees in organizations scrambling with a lot more to do with fewer resources and greater demands. Sure, you can see it that way and then there’s another way…

Economic downturn creates the opportunity for leaders to rise above the chatter to become more opportunistic. It’s not easy, no one ever said it was and still we all have a choice…to moan in our office, be unhappy, stressed, overworked and overwhelmed or get on the surf board and ride the wave of opportunity. There’s money, promotions and heaps of learning waiting for you.

Here’s the top ten reasons why the bad economy is good for your leadership:

1. Challenge the status quo - Ask “what if” questions. Recent research published in the Harvard Business Review states the most effective leaders "are much more likely to ask 'What if' questions. Visionaries tend to ask heaps of questions and they challenge the status quo. Want to know what separates leaders such as Michael Dell from the rest, question and experiment. If you want to be safe, get a seat belt.
2. Great talent is everywhere - Great talent is on the market, begin recruiting now. Even if your organization cannot hire, meet people your friends recommend. If you have an open position and see someone you like and for some reason you can’t hire them now, keep their resume, you will hire them later.
3. Innovate - Companies seeking to increase profits are looking for solid ideas – great time for innovation.
4. Delegate juicy projects - Employees are distracted by the economy; delegate “juicy” projects to those you are looking to develop. Juicy projects are those that employees want to work on because it aligns with their interests and strengths. No greater way to get someone more invested then to give them a project where they can learn and shine.
5. Leverage your coaching abilities - With fewer dollars to spend on external resources, companies are looking for leaders to step up and be stellar coaches.
6. Become an internal ambassador - When times are tough companies are looking for new ways to utilize each and every resource. Introduce people internally to each other, suggest new ways for departments to work together, seek out new efficiencies. You will save your organization lots of time and money.
7. Network - To generate great ideas and to test out great ideas, not simply to promote yourself (Jeff Dyer, Brigham Young University professor suggests).
8. Focus on developing your internal talent - It’s a paradox, the economy has put many more highly qualified people in the market and still, some organizations are under a hiring freeze. What are you to do? Grow, groom and hone your talent. No, this is not a game or a test or a luxury. Investment in your people grows cash and makes you look good too. A leader is measured by the people they hire and grow, not simply by your own talents.
9. Huddle up for seven - Organizations such as 1-800 JUNK are using daily 7 minute huddle ups of everyone in the company as ways for employees to tout their success and to share what’s new. Don’t you have seven minutes to inspire your employees?
10. Sharpen your focus – with fewer people/resources and with everything being “seemingly” important, now more than ever is the opportunity to focus and cut away the clutter. Now is the time to have a systematic way to begin and end your day. There will always be more to do, however bookending your day with what is most important and scheduling a check in with yourself once a day will ensure you keep on track.

Leadership is a process, not an event. External circumstances will always throw a curve ball into the process. Those who can catch the ball and throw it back with greater vigor will be the ones who shine among the crowd. And wouldn’t you want to catapult your image in a crowded marketplace?