With Wall Street and the economy in upheaval, headlines understandably focus on what went wrong and what to do next. But there’s another important and generally overlooked aspect of this financial crisis: the unfortunate but clear opportunity it affords to develop better leaders.
As this crisis unfolds, the men and women in the middle of it still have the chance to positively influence the outcome. Those of us watching from the outside can pick up valuable lessons on how to lead when crisis comes our way, as it inevitably will.
At the Center for Creative Leadership (CCL), we have worked with and studied hundreds of executives who credit crises with transforming them into better leaders. In that work, a number of truths about crisis leadership have emerged. Perhaps the most important one is this: There’s no substitute for preparation.