I’ve got a couple of close friends who have senior positions in financial services. One’s at Wachovia, the other at UBS.

My friend at Wachovia, once considered one of the most conservative banks in the country, thinks he works for Wells Fargo now, although he’s not sure if he’s actually still employed. I asked my other friend at UBS how things were a couple of weeks ago. He told me that the bank had written off many billions over the summer and it was felt that most of the bad news was already dealt with. But this past week the Swiss National Bank put $5.3 Billion into UBS and established a fund to take on up to $60 Billion in thier risky assets.

How deep does the well go? Your employees, team member, suppliers, vendors, partners, and others are wondering the same thing.

Our government’s “rescue plan” signals the start of what is likely to be an 18 to 24 month struggle. When the sun shines brightly again, those standing will prove they’ve had the chops to compete, survive, and even grow. Right now, it’s time to close ranks.

When almost all the news seems as bad as it does now, the first thing to do is to speak with those in your inner circle. Ask them if they’re OK. Then tell them how you’re sizing up the situation – and be as honest and direct as you can be. Then ask for their help. Empower them to feel a part of the solution.

Your customers, suppliers, vendors, partners, and more want to deal with those they can trust to fulfill their promises. Where it applies, the media will also want to know your status. It’s essential that those on your front lines be fully briefed and know the game plan.

Start with your staff and team members – including yourself. Figure out the questions others will ask, and be ready with your answers. Be proactive: Pick up the phone, send an email, or a personal letter. Talk about how you see things right now. What your plans are. How you value your relationship with them and that you’ll be around to continue growing that relationship.

Your inner circle is the foundation for survival and growth. Take the time to check for cracks and fix any you find. Show understanding. Be reassuring. Show vision. Be a leader.

When you go home at the end of the day, you’ll probably have some fear and doubt – you wouldn’t be human if you didn’t. Be sure that you communicate with your personal inner circle as well. Include family, friends, clergy, your trainer, and yes, your psychotherapist. Don’t carry the weight alone. It’s selfish and a recipe for failure.

You’ve got a long road ahead. Pack a lunch. And invite all those close to you along for the trip.

Posted by: Steve Banis