When Robert Plant of Led Zeppelin wailed ‘Good times, bad times, you know I've had my share’, he probably wasn't thinking about his role as a director of an SME. But directors have to lead their businesses through good times, the not too bad times, and the bad times.

The good times are great but often the required focus and analysis fades. The business gets lazy and this can then lead to negative implications. The not too bad times do not seem too bad but extra vigilance and focus is needed to steer away from the bad times. The bad times are perhaps where a director's real leadership skills and decision making is more visibly demanded.