How to lead a company through sudden crisis
The coronavirus, or Covid19, crisis has now reached a concerning stage around the world. Some Italian cities are in lockdown, while my colleague in Hong Kong has been working from home for weeks now.
Though the main focus is to ensure the safety of the world’s citizens, finding a cure and containing the spread of the virus as much as possible, the impact it is having on businesses and the way they are conducted is also important.
If anything, the spread of the virus, has turned around the way many businesses are operated overnight. Working remotely, and conducting businesses online, have become the only solution for many companies, as in the case of my colleague in Hong Kong, and have proved to be effective for those who were doubting it could be implemented as an option for their employees before the virus outbreak.
Even though many organisations have crisis departments and strategies in place, it is worth looking at important lessons of how the Covid-19 virus could help us prepare to navigate around unforeseen crises.
Firstly, you need to beware of rumours and their impact on staff. Rumours have spread widely across social media channels in regards to Covid-19, its transmission, and ways to treat it. Though it is safe to assume that your team is well-educated and could tell the difference between credible news sources and those that are not, it’s best to make sure that you convey credible news updates, especially official ones, and discuss with them how they can stay safe and how your business would operate should the matter escalate.
Depending on the crisis, daily, and even twice-a-day, meetings may need to be conducted to discuss updates and the effects they have on business operations.
If necessary, adopt a digital communication approach, and an online workspace that would help you to quickly and effectively reach team members should physical meetings become a challenge, and to resume work from home should your town or city be in lockdown or witness curfew hours.
Secondly, you should dedicate a team member to monitor the crisis. Depending on the nature of your business and its size, you may need to have someone dedicated to follow up on a situation and update the management and staff about it. Though Covid-19 originated in China, it soon spread to countries around the world. Distance does not equate to safety, especially with health-related crises. Always prepare ahead. What seemed far off to some countries only a few weeks ago, is now a reality. Have a plan A, B, and C in place following different scenarios and severity levels.
When putting a crisis strategy in place, make sure that it’s flexible, time-efficient and responsive.
Have a small, dedicated committee in charge of the crisis, and provide them with room to make strategic decisions in a short period of time.
Adaptability is the key word to keep in mind. Being fluid and ready to go with the flow is essential to ensure staff safety and that your company is not negatively impacted. Resistance to change does not play in your favour, especially at critical times and when others are depending on you for guidance.
After a crisis has passed, assemble your team, and discuss the lessons you have learnt from the situation. Is your business well-prepared? Does your team have what it takes to deal with a challenge of this sort? Or do they need to undergo training to be better-equipped for it? A crisis always reveals a company’s strengths and weaknesses, and helps its managers steer it in a better-prepared direction.
If anything, Covid-19 virus has forced entire companies to work remotely, benefitted online shopping, and disrupted supply chains in both the manufacturing and service industries. As a result, I’m sure that many businesses will invest more in online models, and look for alternative supply channels. Perhaps this is when we will see the introduction of mail handled by drones and robots to cover for humans?
Covid-19 will certainly not be the last crisis the world will face. Economic, social, or even political challenges could present themselves in an unforeseen manner. The businesses that will survive best are the ones that are well-prepared, resilient, and fluid in the face of unforeseen challenges.