Navigating Business Success Through the Wave of COVID-19

We are in a VUCA moment. The wide-spreading Coronavirus (COVID-19), creates not just another challenge for every single business to weather, but presents to them a Volatile, Uncertain, Complex and Ambiguous (VUCA) moment. As at the time of writing, March 17th 2020, there are 198,730 cases, 7,989 deaths, with 82,779 that have recovered. Figures show a rapid rise, and there are predictions that not only will these take months to address in the short term, but it will take many years to manage the outcomes. There are many reasons for this projection into the future, including the potential ability of the virus to mutate by changing its surface protein as part of its adaptation to its new host. Projections are that there could be up to a 100 million cases by next winter. There is no gainsaying that every single business will be impacted. As a business executive, the question that will be asked at the end of the year is how your business has performed, and not what excuses can be offered for inevitable losses. Those executives that would be remembered are those who weathered the storm, and not those who couldn’t manage another challenge.

Pic: Worldodometers and Neher et al

Indeed, there are many things going on today, but the predominant emotion is fear. It is worth noting that fear sits within our limbic system, and manages our stress response, which is Flight, Fight, Freeze (FFF). Under this type of influence, we are bound to take, short-term, knee-jerk-type of reactions that end up not being holistic, and sometimes actually defeatist in nature. It is very important at this moment to urgently invoke the cortex, or pre-cortex part of our brain that controls decision making processes, and that helps us to analyse the world in an intentional approach. And we can only achieve this when we slow down and take stock. By doing this, we trigger the para-sympathetic nervous system which calms us down and allows us to make better decisions. This process allows executives to be able to foresee and anticipate the future. What are the variables that can impact our business? What is the stage we are operating in? What are the possible outcomes and the possible implications? How do we prepare for these changes in variables? This scenario planning primes us to act quickly when we see an incident that we recognise in the future. And it is in this regard that we have prepared a framework that could help your business to navigate to success.

It is very important at this moment to urgently invoke the cortex, or pre-cortex part of our brain that controls decision making processes, and that helps us to analyse the world in an intentional approach.

To fully implement this framework, certain additional key elements are required:

• A new crisis management team or COVID-19 task-force team needs to be put in place,
• Continuously adapt this framework by monitoring its impact and conducting assessments to sustain business functions,
• Get relevant support from external parties that have best COVID-19 protocols and business contingency plans to leverage on.

The task-force teams should be appropriately designed to suit your business is organised by function and geography. It should be in charge to address amongst other things suggested in the earlier framework, succession contingency for all major executives, develop capabilities within the business, raising awareness and managing communication, considering other additional well-being needs for employees, and driving through the implementation of robust technologies in supporting this transition. Where media relations is required, one person should be nominated to address all questions from the media.

There can never be enough communication.

In addition to the work being done by the task-force teams, business leaders should be holding more meetings to monitor the business impact and to communicate to their staff. Indeed, here more than ever before, corporate leadership is best demonstrated through active communication, and use of different channels including emails, social media, websites, signage, etc. is highly encouraged. There can never be enough communication. Business leaders should also be seeking additional training, especially in the areas of responding to employee needs and concerns, implementing preventative measures and policies for disease-containment, and being able to substitute roles, including those of their subordinates.