Leading daily through Corona-crisis!

Given the current state of the world with the concern of Coronavirus spreading and taking hold of the global economy, many of our clients are trying to work out what to do in terms of the day to day and within the bigger picture. 

Our guidance to clients is a daily snapshot to address the latest updates globally so as a team, you can then make the right choices together.

Daily snapshot

As part of our daily snapshot, you would:

1. Take a worldview - what is the reality of what is happening the world right now?
2. What is the world reaction and how is this affecting people's behaviour in countries, governments, markets, companies, our competitors and people?
3. Based on our best intuition how do we react to this as a company on a day to day basis and the next few weeks and months?

Guided principles 

At the core of Xinfu are our values - freshly baking, family, friendship, fellowship, fierce integrity, fun, fully in - and our view is any company should be able to solve any issue by coming back to these values.

Given the Coronavirus situation, you need a set of day to day guiding principles that allow you take a real approach to leading the company and how we are looking after ourselves and those around us. 

Xinfu’s guiding principles are:

1. Avoiding and preventing risk
2. Take care of yourself and others
3. Stay entrepreneurial and on the purpose of the company

We are reviewing these principles daily as developments happen and assessing whether one becomes more important than the others each day. We are then executing a practical response based on this.

Working through a Corona-Crisis

In moving forward, it is important to look at how we can work through the Corona-Crisis. Our worst case scenario is a 6 month global lockdown with few pockets of open activity.

1. Customer Domino - customers get locked out therefore they stop running events, purchasing, doing business development etc
2. Cash flow 6 month period - is your business viable with the majority of customers locked down?
3. Business payments - be conservative on cash flows because as companies get locked down there may be delays in payments

After taking a larger look at the above points, are there non critical costs you can take out of your business to support positive cashflow, without damaging LT investments?

What can you do as a leader yourself to support your company through a worst case scenario? By way of example, Qantas CEO Alan Joyce has recently announced he will be not paying himself for the present time as the company navigates the economy in this crisis.

Talking to 3-6 months

The general consensus is that this crisis could last for up to 6 months. Therefore, the world and your company/sector could look very different to what it does right now, so there is a need to review and work through what this means for your company:

1. What is your downside scenario 
2. Who will be your post-Corona competitors
3. What is the new way of working post-Corona
4. How do you come out of Coronavirus-crisis first?

Leadership must step forward and work in real higher awareness - rather than fear-based group think - in order for business to survive this crisis.

The key challenge to you is, what state will YOU operate in so that care and success is at the heart of your business?

Like if you are applying some of these approaches in practice.

Comment any other further thoughts you have about the best way to deal (or not deal) with Coronavirus.