Vistage board member and Chairman of the Milken Institute, Mike Milken, has outlined five things for business leaders to be aware of in turbulent times.
Quoting Vince Lombardi, Milken emphasized that Leaders arent born, theyre made. And they are made just like anything else, through hard work.
Economic turmoil gives companies and their leaders an opportunity to strengthen their human capital and take advantage of strategic opportunities, said Milken.
Milken addressed more than 700 CEOs of Main Street businesses during a recent business leadership Webinar sponsored by executive performance organization Vistage International.
Education and healthcare companies remain buoyant during these stormy economic times, said Milken. Now is the time to be doing business with these industries. And if youre not? Then you need to find a way to align your products with their needs. Get creative.
Milken outlined five key areas for CEOs to focus on when dealing with the current economic crisis:
- Human Capital and LeadershipAnyone building a business knows theyre only as strong as the talent they recruit. Be sure to analyze your current staff, weeding out the weak and making room for the strong. There is an abundance of qualified people out of work right now. Be sure you are not just focusing on layoffs, but also looking for valuable additions.
- Unprecedented Times and OpportunitiesThere are times in history that create opportunities for people to step forward. People are defined by how they respond during difficult times, not the best of times.
* Flexibility, Technology and SizeThe future of technology will bring infinite speed and storage at little to no cost. Dont let yourself lose the flexibility necessary to see the bigger picture. Encourage employees to look at everyday operations in different ways and then share their ideas.
- Recognizing Changing PrioritiesFrom here on out, successful businesses must work across borders and embrace cultural change.
- Industries of the FutureThe 21st century will see a competition for human capital like never before. As business leaders, we must focus on furthering educational opportunities, developing immigration platforms for qualified candidates and providing better healthcare for our employees in order to affect our bottom line.
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Contact: Lois Arbogast, Vistage International 858.509.5861