Leadership in the Era of Economic Uncertainty
The New Rules for Getting the Right Things Done in Difficult Times
By: Ram Charan
Published: December 2008
Format: Hardcover, 160 pages
ISBN-13: 9780071626163
ISBN-10: 0071626166)
Publisher: McGraw-Hill Professional
"Management challenges don't come any bigger than this. It's not just your business or industry that is in a downturn; the entire global economic system has been wounded", writes best selling author and renowned business thinker Ram Charan, in his important and action oriented management book Leadership in the Era of Economic Uncertainty: The New Rules for Getting the Right Things Done in Difficult Times. The author describes the need for taking action to strengthen a company during the current economic recession, and provides a practical and powerful prescription for taking that bold action.
Ram Charan understands the need for swift and decisive action during an economic crisis. He recommends several key areas, at all levels and departments within an organization, where action can be taken to strengthen the company. The author believes it is critical, in times of uncertainty, for a leader to take decisive action, get all members of the organization on board with the vision, and put the plan into action. For Ram Charan, not taking action and behaving as if the crisis is not going to affect the company, is a recipe for disaster. The author shares the decisive actions of several leading CEOs, who did not succumb to paralysis, fear or inaction. Their bold initiatives not only prevented disaster, but established a new vision, that will carry the company forward when the crisis era ends.
Ram Charan (photo left) focuses on all levels and departments of a company. He zeroes in on the essential need to conserve cash flow. He provides several examples of how to save cash, and to build up cash reserves, through a combination of changing market emphasis on growth to profitability and on cost saving measures that don't affect the ability of the company to carry out its core business. The author recommends that leaders get to understand the inner workings and day to day operations of their companies, to initiate necessary change in a timely manner. Ram Charan also considers a time of uncertainty the ideal time for front line employees to pay closer attention to the needs of their customers. This deeper understanding of customers will help with better pricing policies that benefit cash flow and long term stability.
For me, the power of the book is how Ram Charan combines the reasons why strong decisive action must be taken in a crisis, with how to carry those plans out in a positive way. The author considers a time of uncertainty to be a perfect time to take bold initiatives toward reducing unnecessary costs, conserving cash, and reassessing any major spending plans. The book also provides a wake up call to company leaders in the executive suite and boardroom that there is still a need for sound business practices. Those basics include a full understanding of how the company operates, how the supply chain works, where research and development have their focus, and how sales and marketing function within the company. At the same time, Ram Charan recognizes the need for understanding the customer as vital to the company's survival and future profitability.
I highly recommend the essential guide to managing in difficult times Leadership in the Era of Economic Uncertainty: The New Rules for Getting the Right Things Done in Difficult Times by Ram Charan, to anyone seeking a better understanding of the need for both vision and bold action in the time of crisis. The advice for not only surviving an economic downturn but thriving is both practical and easy for any leader to apply.
Read the valuable and inspirational book Leadership in the Era of Economic Uncertainty: The New Rules for Getting the Right Things Done in Difficult Times by Ram Charan, and discover not only the importance of taking bold action, but how to put a vision in place and carrying it out successfully. In today's difficult economic environment, this book is a must read for business leaders in companies of all sizes and in every industry.
