On Friday, the stock market plummeted after the Bureau of Labor Statistics released their July jobs report, which showed a slowdown in hiring. Many business and political leaders are concerned that the Federal Reserve’s decision not to lower interest rates could lead to a recession, causing CEOs to become more conservative about hiring and closely examine existing expenses and headcount.
For sales and marketing leaders, this creates stress in a few areas: a decrease in marketing budgets, headcount reduction, and, on a more personal front, their own job security. With sales and marketing leaders being the closest to revenue, these are often the first leaders to get put under a microscope.
As a former revenue leader who has managed teams and businesses through two major recessions, here is my advice for anyone sitting in the CRO, CCO, or CMO seat:
- Lean In and Be Confident: This moment is not about you. It is about the business, the people you manage, and the customers you serve. Get out of your head and focus 100% on the task at hand. Like every other business leader, you have a problem to solve. While the average revenue leader will worry, the best revenue leaders will become savvier in their approach and work all angles to beat the competition and get ahead of the issue.
- Be Transparent: Don’t hide behind inflated numbers or try to shadow reality. Your CEO needs to enter the boardroom with an honest outlook. Know where every dollar is coming from and be realistic in your forecasts. Your CEO is depending on you to deliver the most accurate forecast so they can adjust the business plan to meet shareholder expectations.
- Be Inspirational: Your team and the rest of the company are looking at you, and you cannot be successful alone. One of your top jobs is to show up every day with a positive outlook, high energy, and an inspiring attitude. As a leader, your energy is contagious. As hard as it is, you need to lock into your best self so that everyone else follows.
- Control What You Can: There are certain things you can control and others you cannot. Figure out what those controllables are and focus your energy only in that space. Don’t waste your headspace on things that are out of your control. Instead, put your time and resources into changing situations and outcomes that can be impacted by your hard work and effort.
- Get in the Weeds: Know your business and know your data. If you understand all aspects of your business, your team, and your customer, it will be much easier to identify your biggest opportunities. Additionally, you will be significantly more confident in high-pressure conversations, which will result in greater success and job security.
When downturns hit, great leaders should not be afraid. It is during these times that the best leaders rise to the top and prove themselves. Don’t think of this as a difficult moment but rather as an opportunity to truly showcase yourself as a problem solver and a business leader who can manage with elegance through the most challenging times.
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