Jack Welch doesn’t need kudos from me, but I appreciate his recent column (with his wife, Suzy), Keeping Morale Up in a Downturn, in the recent issue of Business Week.

It focuses on 2 key characteristics that good leaders possess:

1] Transparency, referring to a willingness to talk openly and honestly with members of your team, including the good, bad and ugly; and

2] Differentiation, which refers to not only your leadership team – “take care of your best no matter what” – but also applying that same concept to expenditures and investment.

Leaders have a lot to consider in a struggling economy.

When you can be easily bushwhacked with the latest industry gossip or monthly performance report, rigorously applying these characteristics will optimize your chances of keeping your team together, focused on a practical strategy to persevere and succeed in an unpredictable economy.