In business, as we all know, there are good times and there are bad times. And the good times can be very good and the bad times can be very tough – and it takes a special kind of leader to guide their company through them. 

So what does it take to be a leader in tough times? 

I believe there are a few key qualities you need in order to get through those difficult periods.

A leader in tough times must have strong decision-making skills. They must be able to analyze the current situation and potential outcomes before making a decision, often under pressure. They also need to have the confidence to stand by their decisions, even if they are not popular or favored by others – which can at times be even more difficult than making the decisions that are necessary to keep your business moving forward.

In addition, leaders in tough times must have excellent communication skills. This means being able to clearly convey information and instructions to their team, to their clients, to their vendors. When times of uncertainty strike, you need to keep the lines of communication open.

Leaders in tough times also need to be adaptable and flexible. The business landscape can change quickly during difficult times, and a good leader is able to pivot and adjust strategies accordingly. The inability to adapt can be disastrous.

Finally, a leader in tough times must have strong resilience and determination. They need to be able to bounce back from challenges and setbacks, and never give up on finding solutions and achieving success for their company. It’s all too easy to give up when times get tough, but if you can get through those times, you will come out stronger on the other side.

I asked the Momentum CEO Network to share their thoughts on this very topic – Leadership in tough times requires ______ – and everyone in attendance shared some great thoughts based on their experiences. Here are a few quotes from that meeting:

“In 45 years of business, I think I’ve gone through 8 recessions. I’m running a sales organization, and when I’m contacting [other companies], I [oftentimes] get negative feedback. You hear that all day long, you get pretty down. During [the] downtime, [we] had to work harder to get business.” – Peter Cotton

“Listen, learn, and lead; listening to your internal audiences, talking to your external audiences, asking questions, being authentic in that moment. You want to get people’s ideas and thoughts. That’s the learning part; understanding people’s anxieties. [By doing that,] you’ll find that your people have ideas.” – Darrell Pressley

“I like to joke that a lot of businesses in the last couple of years became nonprofit, not by choice. You really do have to adapt and be flexible and try things that may not have been considered previously.” – Jeremy Ben-Israel

“[Difficult times are] a great reminder to communicate both internally and externally. You always have a choice.” – Brian Rassi

“[It’s important to] not fall back on the tried and true way. Don’t do what everyone else is doing, don’t do what’s expected of you. Step out of the fear and into the unknown. Do those things that people don’t expect you to do; that’s what differentiates you and your company from everyone else in your industry.” – Robyn Scott

“You can’t sit there in a box and lead in a box without understanding the range of emotions there are, both internally and externally.” – Ellen Koronet

Being a leader in tough times is not easy, but with the right traits and skills, you can definitely make it through it – the question is: Are you up for the challenge?