During periods of economic downturns, the most common thing that occurs during tough economic times is that leaders wince rather than grow. If we were to look at the Fortune 1000 companies, we would discover how remarkable that over 56% of them were businesses that began in a depression or recession. For example, look back to Disney, born in the depression. So it was with Exxon. Let us not forget at times when we cannot see the value of our experiences and what purpose they serve. While other companies were capitulating Pizza Hut, Apple and Microsoft were all created during recessions.

Having self-efficacy can help leaders discover an approach leading to ways for their organizations to do well during the toughest times. Organizations will absorb competitors' market share. Once some form of financial stability returns, they will be more will then be the go-to brand. But there are substantial blind spots that prevent business leaders from reaching their abilities and creating the success they dreamt.

Below are 7 blind spots to work on:

1. Not seeing the importance of innovating when times are hard cannot be overstated.

2. A failure to realize you are the go-to person. You must cultivate influence with everyone in your organization on your ideas to get the funding you need and to create the culture that is going to make it run.

3. In your business and personal life not understanding that your mission, assuming you want to be purpose-driven, is to help people meet their fundamental human needs.

4. Sales and marketing teams failing to know specifically who their ideal customer is and not only what they want, but what they need at the deepest level.

5. Leaders that aren’t able to run two businesses. The business you are in today and the business that you are becoming.

6. A lack of appreciation that problems are gifts.

7. Fear impedes innovation and competitive strategies for time-worn traditional business assumptions. New problems are evidence you are innovating and evolving and outgrowing old perspectives.

Image courtesy Gary Scott

About Jim Woods

Jim is President of Woods Kovalova Group headquartered in Denver, CO. With consultants and advisors located globally the sun never sets on their business. He has advised and trained Fortune 1000 companies, U.S. Military, Government, small business, and individuals seeking performance improvement. Jim is a former U.S. Navy Seabee and earned a master’s degree in organizational development and human resources. He has taught leadership and human resources at Villanova, Colorado Technical University, and Dickinson University. To have Jim work with your organization schedule an appointment here.