Compounding crises make people more vulnerable, meaning you may need to change your approach to get ahead of the competition
The Bank of Canada’s fight against inflation might lead to a downturn and hurt your company. Fears of the economy sinking are, of course, not new. We faced that uncertainty in 2020, when the pandemic hurtled at us.
Ranjay Gulati, a Harvard Business School professor who co-wrote a 2010 Harvard Business Review article on “Roaring Out of Recession,” urges you to move past the survival instinct that can take hold and accompanying drastic cost cutting. “You have to remember that the best time to get ahead of competition is down markets, not up markets,” hein the CharterWorks newsletter. Data on changes in relative market position between companies indicates the maximum churn comes in downturns.
Consultant Erika James and Lynn Perry Wooten, president of Simmons University, stress that in a crisis great leaders prioritize learning. You need to move away from your normal ways of thinking – your biases and the echo chamber surrounding you of like-minded people – to make sure you are getting lots of input.
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