Leadership: 10 Best Practices

Cut costs, not value: While managing costs, don't cut the muscle along with the fat. Progress means moving resources from low-value to high-value uses. Reduce expenses while protecting and enhancing the value of your business.

Outposition your competitors: Build and leverage your organisation's unique competitive dimensions. In a rapidly changing and increasingly competitive business environment, success goes to those who can understand and develop sources of distinctive competitive advantage. The old adage of Australian heritage must not be forgotten; just look how brands such as RM Williams, Weet-Bix, Vegemite, Arnott’s and Penfold have prospered.

Manage stress without losing your competitive edge: Reduce anxiety and inspire hope by stirring employees to higher levels of achievement, not shaking them with fear and negativity.

Cut through the noise: Get your message through the ‘noise’ that rises in tandem with volatility and chaos—without the ability to communicate effectively, a leader's other skills are worthless.

Focus or fail: Stay focused and on track—follow a carefully structured process that would focus your energies while highlighting and prioritising high-leverage opportunities for success. Niches are where entrepreneurs operate best.

Top private companies such as Visy Industries, 7-Eleven Stores, Mitre 10 Australia, Rip Curl and the like most certainly implement aspects of volatility leadership in their businesses, how about you?

* Dr Alex Maritz is director of the Master of Entrepreneurship and Innovation for the Australian Graduate School of Entrepreneurship, Swinburne University of Technology.