Managing Integrated Marketing Communication
Integrated marketing communication is an approach to promote products and services (brand promotion) where various modes of marketing are integrated so that similar message goes to the customers. According to integrated marketing communication, all aspects of marketing communication work together to promote brands more effectively among end-users and also for better results. Brands are promoted […]
The Economics of Sports Leagues
The discipline of economics is generally valid for all industries across the world. This is because the basic fundamental economic principles of demand, supply, and free market are applicable to almost all industries in the world. There are only a few industries where these economic principles are not really applicable. The sporting industry is one […]
Yield To Maturity (YTM)
Yield to maturity is a fundamental concept which every bond investor must be aware of. The term yield to maturity might sound complex and intimidating. However, in reality, the concept is quite simple. In this article, we will have a closer look at what yield to maturity is as well as the manner in which […]
Corporate Dressing and Personal Grooming
Corporate dressing refers to sensible dressing at work place which helps an individual to make a mark of his/her own in the first meeting itself. Corporate dressing teaches an individual to dress according to the organization culture. Do not wear something which will make you feel odd one out at the workplace. Dressing sensibly makes […]
Data Analysis and Compilation
After gathering the information from desk and field research the raw data must be compiled so that the taxonomic analysis can be performed and data can be broken up into respective parts and segments. This can be achieved in the following manner: Keeping on revisiting and focusing on the ultimate objective of the research and […]
The best leaders are those who can face adversity and turnaround their companies from times of trouble to positions of strength. Throughout history, the leaders who were feted and achieved fame are those who took charge during times of crisis and managed to actualize victory.
Similarly, in recent decades, the business world has seen a surfeit of leaders who stepped in when their companies were going through a rough patch and with their leadership ensured that they could revive and rejuvenate their companies.
For instance, the legendary Lee Iacocca who was at the helm in Ford Motors took over the leadership of another auto major, Chrysler when the company was going through troubled times and in a matter of a few years ensured that it turned the corner.
The case of the late Steve Jobs is another example of how he was recalled to Apple when the company was facing adversity and shrinking market share and with his game changing approach to business ensured that Apple is the most profitable company in the world.
In recent times, the respected founder of Infosys, NR Narayana Murthy, has been recalled from retirement and tasked with the job of restoring the company to its previous dominant position.
What these examples tell us is that true leadership is a phenomenon that thrives on challenges and the authentic leaders are those who can turn adversity into opportunity. These leaders follow the maxim that when the going gets tough, the tough get going. More often than not, they lead by example and from the front, which means that they set a benchmark for the employees to follow which often motivates the employees to perform better and actualize their potential.
In many cases, leadership in times of adversity works by rejuvenating the company through stirring words and actions and the latter are more important as the nuts and bolts of leadership lies in execution.
The example of how Ratan Tata turned the TATA group around is a case in point as to how leaders need to work more and talk less and ensure that execution is as important as or more important than planning and conceptualization.
When one considers businesses that are moribund or near to failure, we find that bringing in leaders who can inspire and actualize success helps a lot in reviving the fortunes of these companies.
For instance, the example of how the public sector enterprises in India have been made profitable and that too worthy of high market capitalization from a situation where they were close to being shut tells us that collective leadership in the face of adversity is as important as charismatic and visionary leadership.
The key point to be noted here is that anyone can ride the success of companies but it takes a real leader with vision, mission, and hard work to turn around companies that are struggling. One of the important aspects of such leadership is that they must have a team of peers and managers who are as committed to the revival of the company as the leader. This is critical and necessary for leaders tor turnaround the companies.
Another aspect about such leadership is that they must be given time to succeed as transformations do not happen overnight unless one expects miracles, which is something most business leaders discount.
Therefore, time, patience, effort, and cooperation are all factors that play a crucial role in determining whether the leader succeeds in his or her mission.
The case of the former Defense Secretaries, Robert McNamara in the 1960s, and Robert Gates in recent years illustrates that for deep changes to actualize; the leaders need time, patience, and energy as well as a single-minded devotion to their tasks.
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