Most of us can be forgiven for looking at the seemingly contradictory economic indicators currently being published—from job numbers to inflation to consumer sentiment—and not being confident about the trajectory of the economy in the months ahead.

This week, we hear from Kellogg’s Harry Kraemer about how leaders should rely on their teams and their networks to help them clarify their outlooks.

Plus, we look at how leadership succession plays out for luxury brands.

Cutting through the economic fog

While predicting the future always presents a challenge for business leaders, our current economic context makes forecasting even tougher.

In a Forbes column, Kraemer offers a three-pronged approach to help leaders navigate the current economic crosswinds.

First, Kraemer recommends CEOs focus on empowering their teams to raise issues and provide advice on potential courses of action.

“During this time of confusion and economic uncertainty, the strength of the team becomes paramount,” he writes. “It’s particularly important for values-based leaders to surround themselves with people who are willing to speak up and, when necessary, respectfully voice their disagreement.”

Next, Kraemer recommends extending this openness to input and feedback beyond the C-suite to include all levels of the organization. Whether it’s sales reps in the field, customer-service team members, or supply-chain managers, those who are closest to the issues at hand likely have the best understanding of how to address them and how changes may impact the broader organization.

“A plan to improve efficiency and profitability in one area could have unintended consequences in another, such as our responsiveness to customers,” he writes.

Finally, effective forecasting also requires leaders to reach out beyond their organization to their own professional network for advice.

“The more uncertain things are, the more important it is to engage with as broad a group as possible,” Kraemer writes. “Whenever I want to explore an issue—from the impact of tariffs to how companies are implementing AI—I ask my network.”

Read more in Forbes.

A hard act to follow

For every new CEO, stepping into the role requires a certain amount of contending with their predecessor’s legacy. A beloved founder—or an unsuccessful one—may complicate their successor’s transition. But in the luxury industry, where the very brand name is often associated with an iconic figure like Georgio Armani or Enzo Ferrari, that shadow is even harder to avoid.

“Luxury brands are based on a particular creative vision,” says Kellogg professor of marketing Gregory Carpenter.

Unlike mass-market brands, which are built around consumer insights, luxury brands rely on the vision of their founder for their success. When that visionary steps aside, the company’s future can suffer unless they find a new creative direction that evolves in the spirit of the founder.

“One of the biggest problems for luxury brands is managing the evolution of their brand,” Carpenter says. “Most sort of run out of gas. … They become like a tribute band of their own.”

Carpenter notes that luxury brands often make one of two mistakes: pursuing growth by broadening their appeal or sticking to the familiar formula that built the brand. The approach luxury brands have found to be more successful involves sticking to the craft that made their brand special and understanding that the brand’s associations can be as powerful as its products.

“Armani’s great genius was to understand the power of celebrity,” Carpenter says. Those associations may make succession easier for the brand if its next director continues cultivating that exclusive community. But that alone won’t guarantee its success.

“The problem for Armani is, how do you find somebody who understands the brand and can create the future for that brand?” he says. “That’s really hard.”

Read more in Kellogg Insight.