For many CEOs, the current time will be the toughest thing they have faced in their role. There is mass uncertainty, no clear indications of when – if ever – things will go back to ‘normal’, and business models are having to alter significantly so as to not only keep companies relevant, but to ensure they survive.
These challenges are new, they could not have been prepared for in advance, and decisions are having to be made very quickly, often with little to no research or supporting evidence. Many CEOs are striding into the unknown, doing what they can to keep their operations afloat, while also keeping employees and consumers as happy as possible.
So, with that in mind, what should CEOs be doing now to stay on top of this continually shifting situation? How can they overcome the various hurdles set in front of them and come out on the other side, if not stronger, then certainly in a state of stability?
1. Lead from the front
It has never been more important for employees and consumers to hear from the top. CEOs are leaders, and as such they must display leadership qualities; they must commit to frequent communications, encourage questions and subsequently give helpful answers, and showcase that problems are being tackled, not hidden from. Now is a time for clarity, honesty and accuracy.
2. Consider new ways of working
Many business owners and CEOs are currently having to come up with innovative and unique solutions to ensure they can keep operating during this most difficult of periods. Enabling online sales is the obvious route, but there is more that can be done. Collaborations and partnerships, either with organisations in a similar situation, or as a means of bartering, are options worth considering.
3. Keep one eye on the future
While it is, of course, essential to concentrate on the current predicament and ensure that all is being done to navigate these tricky waters, it is vital to consider what the business will look like going forwards. Plans may have to evolve and alter over time, but those companies that think about the future will be far better placed to thrive once lockdown ends and a sense of normality begins to return. It may be that your business’ operation will have to change significantly, but the earlier such eventualities are prepared for, and adequate plans put in place, the more likely it is that any evolution will be seamless.
To find out more about leading from the front during times of crisis, contact us at Anthony Gregg today.