With the coronavirus shaking up the economy and upending the day-to-day operations of businesses, its, perhaps, more critical than ever that corporate CEOs and small business owners summon up all their leadership skills.
Employees who usually are just down the hall are now working remotely from home. The supply chain is disrupted. And customers and clients may be changing their spending habits.
But, as important as business savvy and financial expertise can be in riding out all the economic effects of the pandemic, other traits also come into play and may be just as essential, says Marsha Friedman, a successful entrepreneur who still leads a business she launched three decades ago.
One of those essential traits is courage, says Friedman, founder and president of News & Experts (www.newsandexperts.com), a national PR firm. Thirty years ago when I started my company, I probably would never have said it takes courage to lead a small business, but without it, I assure you, youll fail.
Friedman, who is also the ForbesBooks author of “Gaining the Publicity Edge: An Entrepreneurs Guide to Growing Your Brand Through National Media Coverage,” understands this first-hand. Her firm, like many businesses, endured tough economic times after the 9/11 attacks. Revenue dropped and bankruptcy loomed as a real possibility.
I had to figure out how to turn my company around, she says. It took courage, endurance, and perseverance, but I knew I could not go back, so I had no choice but to go forward.
Courage is just one of what Friedman calls the 5 Cs for building and maintaining a successful business through the good times and bad.
Theyre the guiding principles Ive learned through the ups and downs and all the mistakes, she says. They can work during the difficulties we now face as well.
In addition to courage, Friedmans other Cs are:
- Caring . First, care enough about yourself and your dreams to believe you can achieve success even in these daunting times, Friedman says. Just as important is caring about your staff and creating a positive work environment for them despite the troubles we face, she says. Be supportive of them throughout this situation that is bringing additional stress to everyones lives. Finally, a good business leader cares about customers, Friedman says. Be willing to listen to their concerns, take responsibility for mistakes, and correct them.
- Confidence. Most people have faced and overcome challenges in life. The confidence that allowed them to prevail over those challenges needs to be brought into play in business more than ever right now, Friedman says. Believing you can reach for and achieve your short-term and long-term goals is essential to getting you there, she says. Maintaining your confidence is important to get through these unsettling times.
- Competence. Its critical to stay up on the disruptions in your industry that the coronavirus is causing. If your’e forced to downsize, this may be the time to reorganize and tap into the skills and abilities of your remaining team that are different from the roles you hired them for, Friedman says. Thats why its always important to have hired competent people who you can rely on no matter what the situation.
- Commitment. Stay dedicated to your goals no matter how difficult that becomes during these challenging conditions. Friedman says there may be times when this will be not only difficult, but downright painful. That was the case for her during those tough times after the 9/11 attacks. I had to make drastic cuts, including letting go beloved employees. But I never wanted to suffer a failure, and so I stayed committed to the goal and succeeded in pulling the business through those rough times.
As we face the current challenges, you have to stay the course, remain positive and show caring for everyone related to your business, Friedman says. Most of all, no matter how dismal it seems right now, you need to have confidence that you are going to get through it.