Leading in crisis

By Zahara Ansary 

The past few years have been tough on business leaders of all sizes in Sri Lanka due to a “perfect storm” of economic, health and geo-political challenges. 

Leading an organisation is no cakewalk for those at the helm at the best of times. But during a time of crisis such as the one we are currently facing, business leaders need to step up and rise above the noise and clutter to make the right – sometimes tough – decisions through disruption and uncertainty. They need to do (and be seen doing) the right thing by their organisation, their people, and society as a whole. 

With ever-changing work environments and increasingly diverse workforces, how can one become a good leader?

Set ambitious goals and engage with your team

Having ambitious team and organisational goals is great. But if your team doesn’t believe in your vision it’s unlikely that you will achieve them. In an environment where parts of equations change daily such as the one we live in now, you must proactively engage with your team and get their “buy in” on their individual, team and organisational goals.

Empower your team to achieve their targets using their strengths – this is when they are most likely to excel. Where needed you should also make sure invest in upskilling and reskilling your employees, this will ensure that their skills are relevant to meet your organisation’s needs now and in the future.

In today’s world your best asset is your team, but they will only be there and produce their best work if they fit in and have a sense of belonging (culture), are recognised (rewards) and can see that they can professionally develop (opportunities).

Joining the dots of the organisation

One may be an expert in a certain area such as finance, marketing or IT, but if they do not understand how their work impact and contribute to the organisation’s success, your business risks being held back.  

Finance professionals such Chartered Global Management Accountants (CGMAs) have a distinct advantage on this one. They operate at the heart of business, using their skills and competencies to provide relevant management information and actionable business insights to drive business performance and create long-term value. 

Showing the value a business creates, and communicating that value transparently is the future of corporate reporting. At the Association of International Certified Professional Accountants — the unified voice of The Chartered Institute of Management Accountants (CIMA) and the American Institute of CPAs (AICPA) — we fully embrace integrated reporting.

Integrated reporting is a great way to blend the skills of the finance function with the broader ambitions of the company. Further, integrated reporting demonstrates where the values of a company lie. And what is a leader if not the person who sets the tone for an organisation and embodies its values?

Grow your emotional intelligence and cultivate resilience

Having strong technical expertise does not by default make you a great leader. You also need to understand people, especially what motivates them and how to best collaborate with them.

An emotionally intelligent leader can adapt and flex the messages and style depending on the situation. Situational leadership, as it is often called, is dependent on your emotional intelligence. As emotional intelligence grows and skin gets thicker, resilience is cultivated. And resilience is key.

The image of a leader who is impervious to setbacks or criticism is unrealistic. It brings on poor mental health and sets the wrong example. That’s why you need to practice being resilient, it will help you adapt your approach to better face challenges, learn lessons and move on positively. Anything different lacks authenticity.

These practices may not always be easy to apply, and you must also consider some other factors when picking your leadership approach. In times of adversity such as the ones we have gone – and continue to go – through, knowing your business, setting clear goals and using emotional intelligence is a formula for success and will help you and your team withstand the challenge.

We hope to explore more on this topic at our next event with TMC. In the meantime, please get in touch with AICPA and CIMA and find out how we can help you develop your leadership skills.

(The writer is Country Manager – Sri Lanka for the Association of International Certified Accountants representing AICPA and CIMA.)