During tough economic times, it is natural to experience knee-jerk reactions, which often result in decisions being made which may not be in the best long-term interest of your business.  If you are a leader of a business, either large or small, consider these leadership strategies before making any major decisions about your business:

1) Don’t let your emotions get the best of you. I meet business owners every day who have employees who they feel are just not up to doing the job at hand. They don’t want to “kick them out on the street” and continue to dole out money right and left just to keep them employed. While I believe in leading with compassion, I don’t believe your emotions should lead your decision making during tough times. Step back and take a tough look at your business and begin making decisions about how to redesign your business for this current state of affairs. If that redesign phase includes a change in people, then make those changes from a place of sound business thinking…not from a knee-jerk reaction.

2) Reach out to the Net Generation for advice. Generation Y is by far one of the most open, free thinking, collaborative cohorts we have seen in world history. They know how to dig up some of the best tools and resources which cost absolutely nothing to use. They know how to communicate with transparency, candor and open access. During tough times, we need to be saving resources, fresh perspectives and new idea. This generation can provide just that and can do it both quickly and effectively.

3) Open up your tribe. As a business leader, you probably already belong to a tribe…a tribe of your best friends, close associates, employees and civic partners. It is not uncommon for business leaders to build a tribe that creates a vacuum or bubble which insulates them from some of the best people they need. During tough times, it is paramount to build a huge tribe of people who can rally around you and create buzz about what you are up to. Use a tool like http://pbwiki.com/to invite the public to join your tribe.  Ask them to contribute ideas to your company and to test out your products and services.  You may just stumble across someone who has the best and brightest idea to help your business capture an untapped opportunity.

EDGE! A Leadership Story