6 Things a Pandemic reinforced about leading & developing a business

I think we’ve all been through the rollercoaster of emotions in the last 6 months. Shock. Fear. Frustration. Sadness. Loss. Anger. Confusion. Soul Searching. Worry. Anxiety. Hope. Defeat. Hopelessness. Loneliness. Dis-Connection. Re-Connection. Poor-Connection…. Oh, You’re on mute.

BUT, this Pandemic is not just about what it takes away from US – it needs to be about what we can take away from IT.

I owned a business through the Financial Crisis of 2008 and while this landscape has been skewed by government action and the truly holistic reach of COVID19, there are rules that still apply.

1.      KNOW YOUR BUSINESS

Know it’s financial position in every detail is the only way to plan your way through a crisis- without emotionally knee jerking, being unclear about targets or outcomes and sending your team into a frenzy.

2.      KNOW YOUR TEAM

And I mean, in depth – their skills, aptitudes, motivations, family commitments, weaknesses (yes we all have them) and sensibilities.

This is AS important as the product you are selling. Pivoting a business to survive a crisis is about character and transferable skills, not about comfort zones and years in the job.

3.      TRUST YOUR TEAM

With sensitive information and your own insecurities, doubts and risk appetite. This is the only way to build trust and loyalty when going through difficult times.

NEVER think in a crisis that “No news is good news. Be flexible, be vulnerable but be decisive & communicate, communicate, communicate. Let your team buy into the journey you are taking together. They need to trust you as much as you trust them.

4.      FUTURE PROOF YOUR TEAM

ALWAYS Train, Develop & Build Up your team – reduce their personal sensitivity to hard times. When a team works in fear for their own survival or value – they cannot help fight for someone else’s or a business.

5.      BE FAIR & TRANSPARENT

Do unto others as you would have done unto yourself. When the chips are down there is nothing stronger than camaraderie. “We’re in this together” needs to mean it. An elitist hierarchy with a top down structure, where the spoils aren’t fairly allocated won’t create a winning culture.

6.      INVEST & DIVERSIFY DURING THE GOOD TIMES

The adage of fixing the roof when the sun shines. Use times of financial success to broaden the reach of your business, challenge status quos- broaden it’s client base and market exposure, upgrade your tech solutions. Help yourself to guard against shocks in the economy by not relying entirely on one route to market or way of doing things.

Of course – Many businesses did this before the pandemic & are still facing failure…. It is becoming clearer and clearer that the government are not the cavalry coming to save the Hospitality or the Events Industry that they have crippled so badly– So for some all that’s left, is to decide what to do differently going forward. The Chancellor said the Entrepreneurial Spirit would be what drags us out of our current economic crisis, I wish everyone with the bravery to start up in this environment the best of luck. They are hard to achieve- take heart, soul & in-fatigable hard work and commitment- But I hope that the points above are enough for you to thrive!

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