Impact of Banking Turmoil on Leadership

The recent turmoil in the banking sector may become calmer but its outcomes could well be enough to trigger an economic downturn. The turmoil will cost credit tightening, higher mortgage rates on homebuilding and a high dollar on trade.

The impact of the banking turmoil adds heavy weight to the CEOs and top business leaders and demands an even higher level of efficiency. Savvy leaders are developing diligent planning with clever actions to get ahead of time and deliver great results despite an unstable economy.

Here are the steps that CEOs can apply to advance your position as uncertainty rising:

1. Make your decisions clear and speedy. 

Making faster, valuable decisions will help your organization move forward. In a financial crisis, revenue may go into free fall.  You must be tremendously decisive and manage your money as this is the last chance for business to survive.

2. Develop a strategic crisis-action plan.

This plan should be fundamental for accelerating decisions. Plan ahead for the important changes, which should present both significant challenges and opportunities. Shift your attention to planning not just for the days ahead but also for an extended period of uncertainty—and potential recession.

3. Develop and maintain a strong support. 

Strong ongoing support sets successful CEOs apart. For each leader it is crucial to have an independent thinking partner, who is bold and challenging, to be authentic, vulnerable and wildly creative with. It could be your friend or colleague.

For the best results get professional support by hiring an executive coach, mentor, or retired executive who is able and willing to be your mentor.

4. Survive and win a crisis with innovation.

Use smart technology to add innovative power to your corporate engine to pull you forward. Look into your future, talk to your team. Unite the talents of seniors and young millennials. Find a new idea and implement it into your business now.

5. Invest in your people.

During turmoil your employees could be afraid of losing their jobs and their savings. Offer them protection and security. Incorporate diversity into your workforce.

Be that strong decisive leader and inspire your workers. Motivate them and fill them with courage.

Use the time of crisis to be your time to shine!