Michael Dorn | CEO | RTgroup | mail me |
Emotional intelligence (EQ) is the first skill business leaders need to apply when turning things around.
Failing businesses can be turned around if their leaders wield real emotional intelligence – a skill that can be learned and developed to become a powerful tool for business survival.
With the world in a state of “permacrisis” and a global recession looming, it’s more important than ever for business leaders to hone their emotional skills to achieve a proactive turnaround before it is too late. Emotional intelligence in business can, in times of crisis and decline, be more valuable than cashflow or brand equity. A growth or abundance mindset can be of immeasurable value when you need to overcome the greatest odds to survive. A recent Statista survey[1] in fact found that more than 40% of leaders believe emotional intelligence is “must-have” skill in business today.
Emotionally intelligent leaders are defined by three key characteristics in times of crisis:
Trustworthiness
Declining businesses that need to be turned around have a much greater chance of survival if the leaders in charge have high emotional intelligence and are able to use it to inspire real trust from the staff and stakeholders before embarking on a turnaround journey with them.
I was once in a situation with a company where we were basically days away from the final liquidation and it was a very stressful time when everyone was questioning if it was even possible to save the business. And the honest truth was, there was no Plan B.
Everyone was…
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Read the full article by Michael Dorn, CEO, RTgroup, as well as a host of other topical management articles written by professionals, consultants and academics in the April/May 2023 edition of BusinessBrief.
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