While Coronavirus is new, financial crises are not. With financial stress testing imposed on businesses across the UK, business leaders may find it difficult to plan or make decisions. The continuation of “business as usual” is out of our control, information is confusing and contradictory, the path ahead is bumpy to say the least. Staff are anxious, afraid or angry.
In spite of all of this, leaders are responsible for the safeguarding of their businesses future. Leaders who have reacted dynamically and helped focus their teams will come through this. Some will even come out ahead.
With the pressure on, making any significant moves for businesses needs to be simple, effective and have an impact almost instantly. Businesses have to be flexible and adaptable, rewrite rules and collaborate through the change.
Deliotte Global CEO Punit Renjen believes a crisis plays out over three time frames: responding, recovering and thriving.
“Acting without perfect information, often with only a few hours or days to spare, CEOs will have to guide their organizations through myriad decisions and challenges, with significant implications for their company’s whole system—employees, customers, clients, financial partners, suppliers, investors, and other stakeholders—as well as for society as a whole.”
Be a responsive and resilient leader and make a significant move to extinguish any further financial strain. Making sure the next move is the right one, requires as much information as possible, understanding the risk and rewards and having confidence in the decisions made.