#80: Covid-19 Business survival guide

As a leader in a business, we generally plan for several scenarios. We look at trends, upcoming changes in technology and look to enhance our Teams capability in the hope to beat market trend and leave our competitors behind.

Customer facing businesses talk a lot about the use of data, service and overall experience in order to give the Customer a seamless feel. But what happens when a customer facing business shuts down?

Of all the simulations planned, not one leader would have planned for Covid-19 and how it would come to impact our day to day business. Customer facing organisations that rely on the face to face interaction of customers (brick & mortar, service industries, entertainment aggregators etc.) are indeed the worst hit.

We are all currently moving through uncharted territory and Covid-19 has forced on us a reset of sorts!

Sometimes change is forced upon leaders in order for us to rethink and relook at the way we have done business thus far and see new ways in which it can be readapted to thrive in the new reality.

I am thus enumerating some important things I believe leaders need to think about in these dynamic times:

1. Have a clear and open communication strategy: With the onset of Covid-19 and lockdowns, there is no such thing as over communication. It will be natural for employees to look with fear, confusion and trepidation at the ongoing situation and it is our responsibility to give them as much clarity and guidance as we can. We should have open and transparent communication not aimed to hide the ground reality no matter how difficult it seems at the time.
2. Plan for an extended lockdown: Build a 3-6 Mts strategy that plans for an extended lockdown. This should cover remuneration during the lockdown period, cash planning, and business reactivation that is supported with a phased plan that outlines how the business will be kickstarted to accommodate the new norms.
3. Work from home: WFH is the new phenomenon that will take sometime for Associates to adapt to. Whether it comes to having meetings, business recaps, trainings etc., communication via video will be a bit awkward at the start. Associates may feel uncomfortable and there could be scepticism on the effectiveness of such online meetings/communication. Assigning every Associate 5 min to talk about their life at the start of the call on a more informal basis will definitely lighten the mood and help break the ice. You may see/hear babies crying in the background or come across what you would expect to see in a normal household and this is something we will all have to cope with and take in our stride. The good part is that we can derive more productivity from our Associates as they have more flexibility to work in their strength zones minus the regular office distractions and long commute. Having an agenda always works
4. Create business continuity plans: Customers & Suppliers must be a part of the plan that pinpoint contingencies in critical areas that include backup plans for transportation, communication, supply & cash flow
5. Review All Options (Even the less Conventional Ones): We should consider all non-obvious options for reducing cost. A 4-day week for roles that have excess capacity will reduce cost by 20%. Some employees may agree to work half-time if they knew that doing so would save jobs. Employees can also be offered unpaid leave—framing this leave as a “sabbatical” can help take some of the stigma of the absence away. Our main aim as a leader should be to avoid layoffs at any cost. Also by making it clear that one of our overriding goals is to avoid layoffs, employees will be more amenable to salary-freezes, stopping bonuses, banning overtime etc. Consider decelerating pay decreases for lower salary range to protect employees who are most vulnerable. 
6. Have “Ice in the Belly”: During a crisis if a leader acts too fast, it might turn out that you overreacted. If you are too slow to act, the business might go under, hence it would be wise to have what in Swedish is called 'Is I magen’ that translates to 'Ice in the belly'. Roughly translated this means your ability as a leader to keep your cool in a critical situation.

'Is I magen' does not mean that you should be cool to the needs of your Associates - Rather its time to show them empathy

By leading with compassion you will touch the lives of your Associates in an extraordinary way & come out of this potential slowdown stronger than ever before, enhancing the shared values of your staff. After all, isnt this what Leadership is about. 

Anyone can lead during the ‘normal times’ but how you lead during these 'Covid times’ will show your true mettle.

This is where your company vision, mission and values will really show. Make them more than a tag line; make the difference you always said you would make.

This counts now, more than ever…

Let me know in the comments below what you plan to do as a leader to make these times less challenging for your people