Courageous leaders excel while others play it safe
Despite what the statistics say, most companies in Northern Colorado are still experiencing the effects of the recession. Some are experiencing an upturn, but many are not.
In times of economic hardship, there are typically three directions that companies take:
- They don't manage to survive. They get bought out, dissolve, or are acquired, but don't emerge from the downturn as an independent entity.
- They hunker down. Focused on survival, they conserve every resource, avoid every possible risk, and ultimately emerge as a weaker version of their former selves.
- They reinvent themselves. Some leaders recognize that an economic downturn usually represents an opportunity to lead in a restructured industry, and make carefully considered investments to leapfrog the competition.
Let's look at an example close to home: publishers of newspapers and magazines.
It's no secret this industry has been hit hard. Readers have less disposable income; so do advertisers. But those who are watching the
More breaking news...
Supportive vs. critical feedback
Owning a business is all-consuming. Even when you’re not “on the job,” you’re worrying about all the issues that came up today and the fires
The dos and don’ts of sharing bad news
You have to close a store, you have to downsize, it’s time for a major restructuring. And this is going to be something which shakes the confidence of your employees. So you spend some sleepless nights