Great companies reach their peak potential predominantly thanks to great leaders—people who are unmatched when it comes to industry experience, strategic thinking, and overall approach. More importantly, however, is the ability of these leaders to command their workforce effectively even under extreme pressures. They thrive in the face of challenges and are able to get out of the situation with more experience and knowledge gained. Here are four tips on how to succeed when the going gets tough.

Communicate Truthfully and Clearly
Authenticity and regular communication with your workforce are essential habits to adopt as a business leader. Update your employees regarding the company's current situation and how it got to that point. Be transparent at all times. Don't hide facts that could otherwise affect how your employees will see your company or how they will feel about continuing to work for you. Great leaders are fair to their employees and involve them as much as possible.

Delegate Appropriately
Great leaders know they cannot handle every task every time. When your skills are put to the test, know what tasks to delegate and to whom you should entrust them. Successful CEOs, such as Warren Buffet and Elon Musk, are today's wealthiest men in the world not because they are a one-man army, but because they are effective in delegating tasks to their subordinates.

Act Assertively
Great leaders take definitive actions and are not afraid of its aftermath. During tough times, you'll have to make a ton of critical decisions. If you cannot decide and act assertively, you'll always end up with subpar results and frustrating consequences. When, for example, you want to make it a point that cutting costs is currently called for, demonstrate ways that your employees can perform to reduce operational costs.

Don't Panic
When things go south, many people react by panicking. Although not outwardly seen, the panic can be an internal reaction, which ultimately leads to bad decision-making and inefficient company management. According to a management consultant who earned their applied psychology degree online, panicking can damage employee morale and threaten productivity. When in panic mode, take a step back and remember your company's mission. Come up with a solution to your problem based on company fundamentals instead of mindlessly reacting to the stressors.

Irrespective of your job title and your industry, a good leader should always aim to better himself/herself on a daily basis. Read books and online articles, empower your employees through training programs, and be mentally prepared for whatever may befall your company's future.