20. March 2020 - Report
Navigating the crisis: 5 imperatives for business leaders
The current situation with the Covid-19 outbreak around the World reminds us that the global economy can swing drastically and with little warning. Clear is that business leaders must take measures to not only survive this economic hit but also thrive. Companies that take the right action now will emerge even stronger than before.
Here is an expertpowerhouse selection of 5 imperatives for business leaders in times of a crisis like the current one:
1. Secure your personnel:
Ensure that everyone is safe, that workplaces are safe, and that as much as possible work can be done remotely. Create virtual teams with regular check-ins and updating/communicating cycles. Remote and virtual collaboration will be an eye-opening experience for many businesses and will become part of a routine in post-crisis times.
2. Secure your business:
Implement immediate measures to secure your business and allow for business continuity with as few disruptions as possible. That includes leveraging cost reduction potentials as well as ensuring supply continuity.
3. Strengthen existing collaborations and nurture new ones:
Strong bounds build on trust and reliability will help in this crisis and also in the future. Most businesses are facing huge and often similar challenges at the moment. Why not, reaching out and starting a dialogue from senior executive to senior executive of how to master the situation together? What can be done jointly to come out of the crisis as a winner?
4. Disrupt or adapt your own business:
Use the time of the crisis as a catalyst for positive long-term change. The current situation gives you the chance to rethink your business model, strategy and priorities. Use the crisis and turn it into a competitive advantage.
5. Prepare for a rebound:
No one knows how long the current crisis will last but you can use the time to plan and get ready for the rebound. Secure your supply chain, ensure that things are not coming to a complete stillstand. Continue crucial projects – many of them can be done remotely. Nominate dedicated resources and project teams to plan and prepare the ramp up once the situation clears up. Develop a clear plan and strategy for those times.
Should you need guidance and input on any of the above topics, expertpowerhouse will be very happy to support you and your teams.