Don't become overwhelmed by emotions
According to the Harvard Business Review, the first and most important step is not to allow yourself to be carried away by emotions. Either consciously or subconsciously, your subordinates look up to you. If you keep your emotions under control, remain calm, and approach the situation constructively, they too will adopt this approach.
Work with your team on tasks that are simple and restore confidence
Focus on tasks that are referred to as low-hanging fruit, in other words simple achievements that can be easily reached. These represent minor victories which require little energy, but can restore the team’s confidence and provide the momentum necessary for larger challenges.
Redirect energy into, for example, process reviews or training and development
Sometimes market conditions mean your team is short of work; this, however, doesn't mean there is nothing to do. You can always prepare crisis plans, audit and adjust existing processes, or focus on employee training and development.
Be prepared for similar crisis situations
Your team will also feel more at ease if they know there is a plan for crisis scenarios. So it is useful to prepare, at least in general terms, an action plan for such situations in advance.
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