Sustaining a Business in Times of COVID

It’s undeniable that the pandemic has affected businesses of every size and sector across the globe. In the hyper-warped version of the VUCA (volatility, uncertainty, complexity and ambiguity) world that we are operating in, businesses need to work and adapt at an unprecedented pace and scale.

While this may seem grueling, what we need to remember is that every crisis gives rise to new opportunities. Addressing a challenge creates fresh ideas, generates new solutions, and is the foundation of many ever-lasting businesses. 

This is the perfect time to assess your business and your sector to emerge with a solid understanding of what works and what doesn’t. Even in these testing times, businesses still have the potential to grow if they adapt and make use of this opportunity.

What this means for organisations is that their leadership is faced with steering their business in a novel setting. While navigating this unknown, a few key measures can come in handy. 

Let The Mission Inspire You

Making sure that you’re in touch with the mission behind the business is crucial during times like these. It can give you the much-needed boost and motivation to navigate uncharted waters without getting overwhelmed. Reconnect with the original idea, the original emotion behind why your business does what it does - it’ll provide a lot of clarity and direction to where you’re headed. 

Assess And Adapt

In this pandemic, scenarios are changing from week to week and as a by-product so are the needs of the customer.  Having a strategy that lends itself to agility definitely helps address these ever-changing needs. At BYJU’S we faced this when the shutdown of schools due to the pandemic created the immediate need for access to good teachers. We responded by launching Live Classes for students across the country with scheduled sessions 3-4 times a week, so their essential learning can continue uninterrupted.

Communicate Communicate Communicate

Employees across organizations may have faced unexpected disruption to their work and their schedule. In such times, clear communication from the top can help provide a sense of stability. In my opinion authenticity in this communication is important. It can help everyone across the organization tie themselves together towards the core mission and streamline the change in processes needed to drive the business forward.

Maintain And Build Trust

Trust is the basis of any successful relationship - be it with customers or co-workers. This pandemic has caused ripples through every aspect of an organization’s functioning. However,  it’s important that in the aftermath, trust among stakeholders is not compromised. An open, two-way dialogue between stakeholders can maintain and nurture the trust that has already been built so far. This will ensure that you have additional support backing you in these times. 

Accept the Forces at Play

As leaders, we try our best to manage the smooth functioning of a large number of organisational aspects. While we continue doing this, it helps to avoid brooding on things that are out of one’s control. Instead, focusing on things that can be bettered through monthly, weekly and most importantly, daily plans can help you reach your organisational goals in this time of ambiguity. It’s important to have dynamic plans in place that will help you assess, adapt and move forward. But, when things don’t go according to plan, don’t let it defeat you. Remember that these are unprecedented times that call for compassion and empathy, even inwards. So in times of a setback, accept, learn and start working again.