There are many moments in a business leader’s career when circumstances within or beyond your control can cause a company, industry or economic downturn. But if you play your cards right you will not only emerge from a downturn victorious, but might even find your company - and your team - in a more envious and profitable state.

Here are a couple of strategies and tactics I have found invaluable throughout my career. While useful in good times, they become critical in challenging times:

• Communicate, communicate, communicate and then communicate some more. In the absence of communication there is confusion, speculation, chaos, gossip and noise – all of which wastes time and takes a team off its game at a juncture when you need more focus than ever.
• Full disclosure. Have regular company meetings at which everything is shared, including a full disclosure of financials and other key metrics. With full disclosure comes the trust and support of your team at a time when you, and your business, need it most.
• Control expenses. Decide between what is core to your business and requires an investment and what is no longer useful or could be outsourced. Shift people and resources to your most profitable businesses. Good reasons to shift resources include: making more profit on your website than in your store; employing a sales manager but needing more feet on the street; struggling to create functionality into a product that can be better outsourced elsewhere.
• Lead by example. Do you find yourself bragging about your latest technology Gizmo, the seatwarmers in your BMW and/or the fabulous vacation you just took with your family while you are asking your team to cut costs? You’re sending a mixed message that is not endearing you to your team.
• Revenue is still king. Do not think for one moment that you can cut your way to long-term profitability. While it is always a good thing to manage expenses, long-term sustained growth only comes from revenue generation. More customers buying more and spending more.
• Rewarding a behavior guarantees repeating a behavior. Encourage and reward any thoughts or actions that lead to revenue generation, even if the ideas and behaviors come from those not typically associated with sales. HR, accounting and marketing can and should all contribute to generating revenue and keeping expenses in check. Consider a monthly superstar award or a quarterly People’s Choice award where your staff nominates their co-workers.
• Know when to hold and know when to fold. Every product has a life cycle. Is it time to scrap a product or distribution strategy? Do you have naysayers in your organization who should be replaced with new and positive energy?
• Kill them with customer service and give to get. In the case of an industry or economic downturn, your customers are also experiencing the same challenges you are. If you listen to your customers and help them during this time, they will reward you handsomely forever. Can you help them generate leads? Can you make them heroes within their organizations?

There is no question that all can seem bleak in the throes of a downturn. But many wars have created great men who may not have become great had they not lived and succeeded during tough times. You have the opportunity. So by all means, stress about your situation in private but when it comes to moving your team, focus on differentiating your offerings, grabbing share and keeping everyone focused on the prize by measuring success by more than making your financial plan.

Acknowledge and reward actions that make a difference overall today and you will reap the rewards tomorrow.