Response to Coronavirus outbreak

Lately, the coronavirus crisis has negatively impacted businesses all over the world. The ripple and consequences of this crisis will have a huge impact on our economy. The fate of companies will depend on how leaders will deal with the situation. It’s critical for those leaders to come up with innovative ways to respond to the crisis.

• Communicate effectively: Leaders need to communicate candidly with their stakeholders about the challenges the company is facing and the gravity of the situation, as well as the resources that could be deployed in terms of determination, solidarity, strength, shared purpose, agility, and resilience. In difficult times, communication should be more frequent and authentic.

• Figure out the actual burn rate: Leaders need to quickly test their assumptions about sales and revenue and look into innovative ways to reconfigure their business. This probably requires rethinking the business model and exploring new ways of doing things.

• Show your people more attention: Employees are anxious about their health, finances and jobs, especially during these rough patches. They need to feel heard, understood and recognised. By bonding with them and showing empathy and gratefulness, leaders can succeed in keeping them engaged in their work.

• Prepare the ground for remote work: Leaders need to invest heavily in technology and infrastructure and provide training to all employees to make sure they can do their jobs distantly.

• Clarify roles and responsibilities: Leaders clearly articulate their vision in addressing the crisis. In assigning the roles and responsibilities of each member, they can foster a positive climate. Leaders must set priorities and be clear about the actions to be taken immediately and those that can wait.

• Build peer-to-peer networks: Leaders need to invest in solutions that prevent digital isolation. By encouraging peer-to-peer links, leaders help break down silos and allow their people to address the challenges the company is facing, and brainstorm on innovative actions that could be undertaken.

• Encourage employees to volunteer: Leaders must encourage their employees to engage in volunteerism. This will help them increase their sense of purpose, develop their self-esteem, confidence, and feelings of self-worth.

• Shift to a survival mindset: During this time, leaders must demonstrate agility and learn how to navigate point-to-point through the turbulence, adjusting, improvising as new information emerges. This requires a shift to a survival mindset.

• Focus on the positive impact: This crisis presents a powerful opportunity to better understand their strengths and weaknesses and focus on priorities. Leaders can focus on the opportunity for learning and encourage their employees to push through the hard times and stay agile.

This crisis has unexpectedly disrupted people’s lives and interrupted their routines. Many are extremely anxious, disoriented and worried about their future. True leaders know that their employees are their most important assets. Leading by example, developing a strong culture and using the right tools will help to keep employees engaged and connected.