New research finds that 40 percent of senior managers doubt their company execs have a credible plan to address the economic crisis. Plus, one third of those execs are not confident in the plans they’ve developed. And while the senior living business has not taken as big a hit as most industries have during the economic downturn, smart providers stay ahead of the crisis, in part, by adopting forward-thinking leadership strategies.
Booz & Company recently surveyed 828 senior managers worldwide to explore “how well corporate executives are handling the global economic crisis” and the actions they are taking. Based on their findings, researchers offer three strategies that are “critical to addresses the crisis.” They are:
- Get an accurate read on the environment and the company’s position in it. An accurate self-diagnosis is critical to end the cycle of inappropriate strategic actions.
- Design a good plan that does enough, but not too much, when time is short and resources may be diminished in a crisis. Identify a limited set of straightforward initiatives that have the potential to make a difference quickly.
- Communicate and execute, which is vital to regaining the confidence of all stakeholders, from skeptical managers to risk-averse shareholders.
ALFA and its magazine, Assisted Living Executive, has published various articles and resources on effective leadership and organizational strategies for senior living executives. Some of these include:
- “Big Vision, Local Focus,” Assisted Living Executive, October 2008
- “Razing the Hierarchy,” Assisted Living Executive, July/August 2008
- “Trendsetting Leaders,” Assisted Living Executive, March/April 2009
- “Empowered and Able,” Assisted Living Executive, March 2008
To read more about the Booz & Company study, search for “Why Companies Are Making the Wrong Moves” at www.booz.com.
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