Any business is subject to the whims of the market. Whether or not the business is financial, commodity, sports cards, or toothpaste, there are ups and downs in the normal business cycle. The key is not responding too harshly when times are tough or too generously when times are extremely profitable. A glance at the profile of Stephen A Wynn in WSJ demonstrates how effective leadership can be a calming presence in an organization. Patience, a cool head, and a willingness to adapt on the fly are trademarks of an effective leader to bring a company out of a dip in revenue or keep the company grounded when revenues are soaring.
Every manager realizes that situations change and markets can alter themselves with time. A degree of patience is needed before passing judgment on the success or failure of any type of strategy. Circumstances can change quickly, which means that assets and liabilities can be very different from day to day. Executive committee members realize that some visions take a while to present significant benefits, and taking the necessary time to analyze them is paramount to a winning organization.
Keeping a Cool Head
People in general have a tendency to be emotional, but leaders that keep a cool head in good and bad times have a way of showing the workforce the right path to take. While it is easy to lead a company when revenues are increasing, it is necessary to keep everyone focused on long-term goals. The same is true about tough times, because a leader has the responsibility to pull the company out of the situation and reverse the trend to the positive.
Willingness to Change Quickly
Moving quickly is the hallmark of many business endeavors. Business is always changing, and flexible companies are able to adapt to the market quickly. Leadership has the ability to steer any company away from difficulty, but often the time to formulate a strategy is not present. Adjusting on the fly and making minor tweaks in the organization are often required to optimize and perfect performance. Regardless of what industry the business operates in when a leader is quick on their feet, the organization can be better served in the long run.
In the end, patience, a cool head, and fast adjustments make a good leader a great one. Ups and downs are going to happen in every industry imaginable. Effective leaders find the positive that offsets the negative, which takes the company into familiar territory. Leading by example is nearly always the best course of action, and when employees see their executives paving the way, everyone pitches in to embrace the situation.