Expert Advice for Executives During Tough Times

It’s not easy being at the top of your company when things are looking down. It’s important that, as an executive, you do what you can to make sure you can to keep things going along smoothly. Jim Donald, former CEO of Starbucks and Pathmark, offers three important bits of advice in a recent issue of Fortune Magazine’s Blog.

The first thing Donald offers is the importance of communication. It’s important to reach all levels of the company with your message, from the top to the bottom. And that communication should be two-way, allowing employees to reply.

Donald also suggests that executives talk to the people on the front lines of the business. They’re closest to the customer on a daily basis, and they are most in tune with the market.

Finally, we should beware of success. Success can lead to risk aversion, which kills innovation. Don’t let your best people get restless or bored. Give them freedom to fail. You might just discover that some of the best and most profitable ideas are ones that require you to take a risk that no one else is willing to take, especially during hard economic times.

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