Finance CEOs that survived the crisis held forums with their teams—here’s why open communication is an asset, especially when times are tough.
That leads to the most fundamental difference between firms that weathered the financial crisis and those that failed: The successful firms all understood the need for integrated decision making that took account of upsides and downsides of proposed actions and of the firm’s condition at any point in time. Leaders of failed firms simply didn’t get it. They either pursued market share or other league table rankings, essentially without regard to risks, or they failed to manage their firms well enough to be able to understand their potential exposures to downside risks.
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