Uncertain times?
Let’s see . . a stock market that no one can forecast . . . a presidential race completely up for grabs . . . and a 31 year-old trader who just cost his company $7.2 billion.
What a great time for Leaders to step up.
I read a great story last week about one Leader whose company is thriving amidst a crisis that has tanked most of the rest of his industry.
Loan application volume is at record levels for this national mortgage company; hiring has resumed in the past two months; booked closings for 2007 were $1 billion over 2006, and the company has just made two acquisitions.
Surviving? Or Thriving?
The Leader – Dan Gilbert.
His company, Quicken Loans, is the nation’s largest Internet mortgage lender, and was just listed at #2 on Fortune magazine’s annual list of “100 Best Companies to Work For.”
Quoted by Tom Walsh in the Detroit Free Press, Gilbert offers this advice:
“It’s all about communication. When we were in crisis mode last August and September, we would send out one or two company-wide voice mails a week to [4,000+] employees, telling them what was going on. Our people appreciated that. . . . Too many companies, when they’re challenged, go into lockdown mode, and that’s when people get upset and fearful – when they don’t know what’s going on.”
Walsh goes on –
“Gilbert always has stressed the importance of corporate culture, drilling it into each group of new hires with an orientation speech that can run well over two hours, mixing motivational exhortations to greatness with stern warnings – ‘If you don’t show a sense of urgency, if you don’t return every phone call promptly, we will find you. We will root you out.’”
Here are 3 tools I’ve observed great Leaders leverage in the midst of uncertainty or crisis:
- Focus, not Worry. Fear follows in the shadow of uncertainty. And fear threatens to paralyze a Leader with worry. Effective Leaders acknowledge fear of the unknown, but then use it as a catalyst for focused effort. If you do not sharpen your followers’ focus, they will wallow in worry. This is why sergeants make their soldiers dig foxholes.
- Outward, not Inward. Leaders must be seen and heard from. It is difficult to over-communicate in times like this. An absent leader allows fears to run rampant and rumors to replace guidance. A favorite saying of crisis management teams is, “the truth will set you free.” Acknowledge the “brutal facts” of your situation and go from there.
- What you can Control. Much of the chaos of uncertainty lies outside the boundaries of your company. Effective Leaders focus within their Span of Control, as opposed to worrying about outside factors they cannot control. This doesn’t mean foolishly ignoring the current business environment, but greater Leadership ROI comes from fully exploiting the talent and resources that await your direction.
We’re on a bumpy road in the midst of a storm at night. It’s a great time to be a Leader.
I’d be interested to hear how you are leading in the midst of uncertainty.