Click here to view an article written as a companion piece to the paper entitled Cycles and Levels of Organizational Life. In that paper we established that organizations go through cycles of both growth and decline, as originally suggested by the late John Sherwood. In this paper I examine the implications for leadership. This paper suggests that an effective leader is one who is managing not only the known and tacit but also the visible and invisible, the conscious and unconscious – layers of an organization. They are also attentive to small weak signals that are forerunners of new forms and innovations that keep the organization alive, vital and relevant.