Richard Ghilarducci: How Leaders Handle a Business Crisis
A business crisis can be an event or a series of events that causes major disturbance for a company. A crisis typically occurs suddenly. It also poses an intense challenge or a great danger for the business. According to Richard Ghilarducci, a crisis typically happens in a situation where the amount of time to save the company is short and when decisions have to be made rather quickly.
Natural disasters are one such example. These include unpreventable environmental crises such as flooding due to heavy rains or strong storms that cause damage to infrastructure.
There are also technological disasters, which include IT system failures, malevolent cyberattacks, corrupt software, or faulty hardware, says Richard Ghilarducci. Tech disasters normally affect access to critical parts of a business. These parts include data itself, an employee’s ability to work effectively, and more.
Another good example of a type of crisis is accidents, which happen unintentionally. These accidents include fires and power outages, as well as gas leaks, among others.
One of the major things that separates good and great leaders is the ability to turn a crisis around. The fact of the matter is any leader leading a group worth leading with always encounters adversity. After all, these are the challenges that lead to growth and, ultimately, greatness and glory. However, it takes a special kind of person, a special kind of leader, to cope with these challenges.
The best business leaders have several methods of handling a crisis.
In a crisis, the best leaders want to be the ones to take care of things. While they’ll still be masterfully delegating tasks, they will also be micro-managing, overseeing every little detail until the storm passes, adds Richard Ghilarducci.
If and when the best leaders fall short of their plans, and their team gets affected by a crisis, these leaders immediately own up to it. Far too many people in power try to save face and cover up the wrong they’ve done. It can potentially be catastrophic for the team. Admitting one’s mistake is a mark of a true leader, and it gets everyone on the same page in the right way.
Good leaders can communicate effectively – amid a crisis. Difficult situations can rattle even the sturdiest individuals, and everyone knows that when a person is fazed, they can communicate messages differently. The best leaders remain calm, respectful, and in control of themselves, even and especially when things seem to be crumbling apart.
The best business leaders have found a way to bring their brand out in the 21st century despite all the crisis and competition.
While business leaders are a dime a dozen, the truly successful ones are quite rare.
Mark Zuckerberg is one such example.
Mark Zuckerberg, like most introverted people, is great at thinking in silence. He is an avid reader and often spends countless hours just reading up on new technologies and industry trends or ways to improve Facebook’s existing service. For Mark, there is no difference between work and play. He enjoys isolating himself, studying his market, and coming up with new plans to improve what he has already started further.
Nowadays, Elon Musk is considered one of the top business minds in the world.
Another notable figure is Tesla Motors founder Elon Musk. Those who are familiar with him know that he is a very soft-spoken individual. In an interview, he said that many people found him awkward to talk with at first but that those who were able to break through his shell eventually started seeing him as a friend.
In the realm of sports, very few leaders are as famous (or infamous) as Mark Cuban.
Mark Cuban is an example of someone who possesses both introverted and extroverted qualities. He is well-known for being extremely outspoken, but he often spends much of his time alone reading reports or watching sports. This figure has stated in many interviews that while he enjoys mingling with other people, he also knows the value of solitude, Ram V. Chary adds.
During his career that spanned over 30 years, Richard Ghilarducci held leadership roles, including Chief Executive Officer, Chief Financial Officer, and Chief Operating Officer. For more of his insights on leadership, follow this page for updates.