Charting a Course During Uncertain Times

(From UNC Kenan-Flagler) -- A luxury hotel chain emerges from the industry’s worst time in its history stronger than ever. A financial institution thrives while its peers receive government bailouts, suffer debilitating reputational blows, or cease to exist. A beauty retailer on the brink of extinction a decade ago is now highly profitable and opening an average of two new stores a week.

In many ways, these global companies could not be more dissimilar. They are in different industries and life-cycle stages, yet they share a common trait: they defy the conventional logic that during a recession, morale and profits plummet. We’ve spent the past two years studying these organizations and dozens of others to understand what makes them different. What allows them to flourish in times when most organizations flounder? How did they use a crisis as an opportunity to transform their business models, to redirect their strategies and to build momentum during a downturn?

We discovered that these organizations (and all truly great organizations) share a common thread: a well-honed collective ambition, a story that depicts their purpose, vision and plans on how to achieve their goals. Companies with strong collective ambitions have a deep understanding of why they exist and what they hope to accomplish. They have developed a path forward that involves working as a team to address their challenges. They align their brand promise with their core values and use them as guideposts to execute their strategy.

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