Business Management in an Unstable Economy: Adaptive Strategies and Leadership

In the current world economy that is characterized by dynamism, it has become a norm for the business environment to present volatilities and uncertainties. It is for this reason the various organizations must possess measures that enable them respond aptly to these challenges, as a way of ensuring that it remains strong and operational always. Therefore, this paper undertakes a study on the increased centrality of strategic management in the management of economic unpredictability with particular reference to the need for flexibility, and proactive planning. As a part of a set of detailed case studies, in this paper, we compare different strategies and approaches that helped brands and companies get through the critical period and be resilient enough to come out of the economic downturns. Moreover, this paper focuses on the possible leadership approaches and leadership effectiveness in dealing with crisis, as well as to analyze the importance of great leadership in managing the organization during crises. Here we specify various descriptors and actions of the leaders who managed to maintain their organizations’ stability during an economic crisis and discuss the effective leadership practices for the organization’s resilience. Also, it contains some guidance on how to construct robust business models capable of handling atrocious economic conditions and achieving constant growth. The principles provided in this publication are generated basing on theory and supported by available research findings, and thus can serve as a handy business management manual for professional executives.