Business Leadership in the Midst of Crisis

You lead the group, do you feel that your jobs and duties today are beginning to move? In the top administration levels in an organization, CEOs and different chiefs commonly center their endeavors around high development through creating advancement, expanding income, and picking up pieces of the overall industry. Since the pandemic came, they have needed to settle on snappy choices about controlling expenses and looking after liquidity. They may encounter unforeseen obstacles—such as supply chain issues, team shortages, and operational issues—that drastically change the scope of their roles and priorities. Meanwhile, these leaders and their groups are additionally battling with wellbeing and security issues and adjust to working distantly. 

Did you experience it as well? Doesn't appear to be a simple change, huh? Today is in fact an opportunity to test and build up the authority muscles of heads and corporate leaders. They have to ingrain an outlook that is not the same as the standard thing.

Quickly take priority

Situations change from day to day, even from hour to hour. Good leaders can quickly process the available information, and quickly determine what is most important. During a crisis, cognitive problems loom: information is incomplete, interests and priorities may clash, and emotions and anxiety mount.

In this condition, the attenuation of analytical power can easily occur. Leaders must be willing to “breakthrough” to keep the organization trained in its current business continuity while increasing the chances of achieving KPIs in the medium to long term by focusing on some of the most important things. Simple, scalable frameworks for fast decision making are essential.

So, for the leader, set priorities. Identify and communicate the three to five most important priorities. In times of crisis, those priorities may include employee safety and care, financial liquidity, customer service, and operational continuity.

Or, as a standardization reference that has been implemented by many large companies, startups can begin to peek at the basic principles of a business continuity plan in determining priorities with various steps:

Business Impact Analysis (BIA)

Analysis relating to the core business processes that can affect the company's business activities.

Disruptive Risk Assessment (DRA)

An assessment can be carried out by a company to classify the risks that arise based on the BIA.

Business Continuity Strategy (BCS)

Strategic steps that can be taken by the company when a crisis occurs, with the company's business objectives can be carried out in conditions that are acceptable to customers/partners.

Business Continuity Plan (BCP)

Business continuity plans made systematically in response to a crisis.

Focus on targets that are essential

Good leaders in times of crisis are willing to align team focus, establish new metrics to monitor the performance of the entire team, and create a culture of accountability. Therefore, we should start to review performance on priority items and evaluate as often as possible — if not every day, at least maybe weekly — and make sure that all members are educated and informed about changes that have occurred, then review and update the "target list "You on the weekend.

In order to have that “target list”, start redefining KPIs and other metrics for measuring performance in this new situation. Select the three to five metrics that are most important for the week, and have the relevant PIC regularly report back on each one.

Stepping in to make an impact

In times of crisis, it feels like no job is more important than looking after your team members. Effective leaders understand their team's circumstances and distractions, but they find ways to step in and motivate, and clearly communicate new goals and information. This needs extra attention because even though Covid-19 is clearly a health crisis, this pandemic has also triggered a financial crisis. Leaders need to set new priorities frequently to ensure continued harmony in these changing times.

So, how can our efforts to intervene have an effect? Start by reaching out to individual team members. When talking, start with a personal level first, then focus on your work.

When discussing work, it's a good idea to start gathering and reinforcing positive messages to them—small successes, kind actions, overcoming obstacles, etc. Start celebrating the accomplishments of those who endure: your team members, your everyday heroes. Staying productive at times like these is “heroic” for a company.

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Posted by TINC Admin