LEADERSHIP: A QUICK COVER-UP

Published: 2009-04-20   please add a comment below

Warren Buffett famously quipped that it's not until the tide goes out you find who's been swimming naked.  He was referring to financial risk-takers.  But, he might as well be talking about leaders.  With the tide rising, we all look fine.  But with the lake sucked dry, we may be caught.  So, as you stand in front of your team today, do they see you clad - or threadbare?  Are there holes where it's better to be covered?

1. Update your drivers of competitive advantage.  These are always shifting: as technology changes, competitors innovate or regulators alter the rules.  But now, customers are massively cost-conscious.  And, need reassurance you'll still be here to service what you're delivering.  What are you doing about these two?
2. Take charge.  When everyone's beset, you need to take control of the big issues (the major customer, who's thinking of defecting) and reassure everyone things will come out right.  Be visible.  Be upbeat - and on top of things.
3. Make tough decisions.  They're myriad today.  Can we still invest in that new process; or, keep all our staff?  And, the latter's hugely challenging.  You've worked together for years and know their families.  You'll try but many businesses today have to trade-off shedding some or going out backwards.  There's no easy answer - but in a recession, early action is better than late.
4. Lift benchmarks - and codify your business's intellectual property: its special ways of doing things that differentiate its products and make its operations productive.  Critical when competitors fight for every sale and squeeze every cent.
5. Build teamwork.  If this is important for good times, it's essential in bad.  If employees feel committed to their team members, they're fighting on a team, for the team; not standing alone, wondering what might happen to them.
6. Increase your adaptability.  We talk of moving up the learning curve but today it's a rock climb.  Every factor's changing; and, you've got to understand each one, share your knowledge, put it into practice and coach others.  A tough gig - but, you're the leader.  The tide's out; and you don't want to be caught naked!

Dr. Timothy Pascoe AM
PhD (Cambridge), MBA (Harvard), BE & BEc (Adelaide)
Creator, V|E|C|T|O|R Leadership^®