Well, that didn't last long.

Just six years after the end of the Great Recession, another one might be looming right around the corner.

The China stock market is in free fall, plunging 47 percent since hitting its peak last summer. Oil prices remain volatile, presenting a significant risk to financial companies. Retailers are struggling, consumers aren't buying, and credit debt is at its highest level since 2009 – the year the Great Recession came to an end.

Brace yourselves, because the economy is changing – again. Are you prepared?

Times are getting tough again. Budgets are getting tight. Employers and employees are increasingly anxious. What your company needs is a leader who is ready to change with the times, eschew mediocrity, and declare war on complacency.

Here's how:

• Focus. Wasting energy worrying about things you cannot control is a mistake. Concentrate on the things you can control, and use leadership coaching to teach your team to do the same. It has been proven that multitasking can cause you to take up to 25 percent longer to finish the things that matter.
  
  
• Face the fear. Winston Churchill was once famously quoted as saying that fear is a reaction and courage a decision. Fear is healthy, but it can also cause hesitation, procrastination, and dread. Acknowledge and face your fears, and then have the courage to rally your team around a plan to change with the times.
  
  
• Over-communicate. In the absence of accurate, consistent information, your team will likely fill the knowledge void with assumptions – and they likely won't be positive. Share information and strategically use it to your advantage. Your team can rally around each other and the business if they feel like they are part of the solution.
  
  
• Leverage your employees. The changing economy is an incredible opportunity to change your business in profound and positive ways – especially if you listen to your employees. The chances are good that your employees have ideas to address issues. Some come at it from analytical sides; others experimental, practical, or instinctual. Use leadership coaching to encourage your senior leaders to listen, learn from employees, and leverage their unique ways of thinking. Who knows; it could just drive innovation and even revenue growth.
  
  
• Be smart about buy-in. Did you know that only about 25 percent of all change management initiatives succeed? That's according to a study by Towers Watson. To succeed, you are going to have to overcome the dreaded "groupthink" and the mere reality that all the facts in the world won't convince all of your employees to get onboard. That's why you have to understand how each of your employees thinks about and processes information (whole brain thinking) and then tailor your messages to meet their preferences. Leadership coaching will play a key role in securing successful buy-in.
  
  
• Commit to customer service. When the economy changes, your customers might be more likely to churn or defect. Don't let this happen. Make sure you and your sales team are proactively communicating with customers and providing solutions that will help them weather the storm – and subsequently help your business do the same. According to information from a leading customer strategy firm, 85 percent of all customer churn is due to poor customer service.
  
  
• Invest in leadership coaching. Your leadership team is more important than ever during changing economic times. Invest in your team by providing coaching and they'll help your company make it through the uncertainty. According to the International Coach Federation, leadership coaching leads to 70 percent improved work performance, 61 percent improved business management, and an 86 percent overall return on investment.

Economic change is coming. Are you ready?