The financial markets have been in turmoil recently and, for many of us, it has been depressing to see the value of our 401ks and other investments drop steadily as the stock market has sunk lower and lower. It's hard not to ask ourselves “Why couldn't I have anticipated this market rollback?” “Why didn't I diversify my portfolio?”

But we always have to remember that unless we actually liquidate our investments or sell our home, cash in and take the loss, we have only suffered “paper” losses. Unless we throw in the towel, there is the chance the markets, stock prices and home values will recover.

The same is true for our business activities as well. The economy will recover, the global marketplace will once again expand, and corporate profits will reach new heights. What is needed today is the strength and courage to take the longer view, to look to the future while weathering the current economic turbulence.

It Is Time For Leadership Not Management

Of course, in today's business environment, corporate leaders must take immediate and decisive action. Just like the captain of a ship in a storm, it's time to batten down the hatches, reef the sails, pull in the jib. But the captain must also always know where the ship is headed, encourage and rally his crew to keep the ship under control and moving forward, to work as a team to overcome the external forces of wind and wave. He must not waiver and he cannot accept defeat.

In fact, we only fail when we quit. As Thomas Edison once said, “Many of life's failures are people who did not realize how close they were to success when they gave up.”

Edison, of course, is credited with perfecting the incandescent electric light bulb and alternating current which made electricity useful and available to the consumer. He was famous for his work ethic, for always trying one more experiment, one more test, developing one more prototype.   He had unfailing optimism that hard work and consistent effort would always prevail. He never let a setback discourage him, saying, “I have not failed. I've just found 10,000 ways that won't work.”

Are You Providing Leadership In These Challenging Times?

Are you approaching today's economic uncertainties with this same sense of optimism and dedication to persevere and prosper? Are you always looking for one more new idea, one more fresh approach, making that one more try that just might be the breakthrough that will make all the difference?

Are you communicating your values and principles to your most valuable asset — your employees — as well as to the external marketplace? Are you reinforcing your sense of purpose and passion, those intangibles that make your company unique and that add real value to your customers? 

And are you keeping your eye on the horizon while encouraging and motivating your “crew” to pull together to weather the storm? Despite setbacks, are you maintaining your enthusiasm so it creates confidence and resolve throughout your workforce? It was Winston Churchill who said, “Success is the ability to go from one failure to another with no loss of enthusiasm.”

Take Action Now

Here are five action steps you can take now to exercise your leadership

1. Communicate, communicate, communicate;

2. Consistently reinforce the corporate and personal values that have sustained the company in the past and will do so in the future;

3. Be visible. Don't hole up — you're not under siege. Be accessible to your employees, customers, suppliers, and bankers. Wave the flag and inspire confidence by your personal conduct;

4. Tap into your company's  history and founding purpose to keep your staff focused on why you're in business and the benefits you bring to your customers;

5. Express your passion and enthusiasm at every opportunity.

It is in periods of difficulty and uncertainty that leaders must rise up, show their resiliency, and keep their organizations focused on the future.

Craig Bentley is an executive coach, speaker, and senior communications consultant with Bates Communications. Base in New England, he has lived in Europe and Asia and has conducted business and traveled extensively in more than 65 countries. Contact him at cbentley@bates-communications.com.