Volatility

What should leaders do when there is economic uncertainty?

First off, don’t panic. Don’t spend all your time doomscrolling or watching the stock ticker. Get a short summary of general news (like people used to get with the once-a-day evening newscast) and read more deeply on things that impact your business or your community. Keep track, but not obsessively.

Think long-term. It helps to have a range of options—think about the best case (lots of work) and worst case (less work coming in) and have a plan to keep things moving smoothly in either case. Have a plan, and let your people know you have a plan for getting the team through all of this. That can be about changing the hours people are scheduled to work each week. That can be about postponing changes or making upcoming changes immediately. Keep things in balance.

Make sure your top performers are covered. If workloads lighten, consider using this time for training or skill development. Make sure those top performers know that they have a future with your company. Use the slower pace of work to your advantage.

Think outside your traditional revenue streams. If demand for your current services decreases, what else are people looking for? Try a few pilot programs for other goods or services if your people have some additional time to try something new.

(image generated using Midjourney)