What to keep in mind during these challenging times

What is happening to the world right now is truly unprecedented, and the impacts have been and will continue to be extensive for the global economy, markets and society at large. Above all, the human cost of the crisis has been tragic, and my deepest sympathies go out to those who've lost loved ones.

The U.S. government, states and municipalities have taken important steps to avoid a more severe scenario, and we all will play a part in helping the country get through this as we slowly shift to recovery mode in the months ahead. Here are a few considerations I’ve been sharing with others on what to keep in mind. Whether you’re a business owner, manager, or personally trying to get through these challenging times, I hope you’ll find this guidance helpful.

1. Health and safety comes first. Just as in the initial weeks of the outbreak, companies must put the health and safety of their employees first as they develop plans to normalize operations. At Blackstone, our primary focus has been the safety of our people and helping our portfolio companies manage through this challenging time.
2. Listen to the experts. We all need to listen to the health officials – they are the experts and understand the steps needed to best contain the virus and minimize its impacts on the economy.
3. Try to keep a broad perspective. It’s so easy to get caught up in the minute by minute stream of news about the virus, which for months has singlehandedly dominated the airwaves. But just like the mindset of a long-term investor, it’s important for everyone to keep a clear head and focus on the decisions that can be made within our control. Some of the lessons you can learn in times like this – as a manager, entrepreneur, or just as a person – will last a lifetime and can help you and your organization achieve more enduring success in the future.
4. Plan for various scenarios moving forward. Nobody could have predicted what has happened to the world as result of COVID-19. We can’t go back, and while the precise road ahead may seem uncertain, it’s important for all of us to consider, prepare and make a plan for multiple scenarios that may arise. In doing so, you’ll be more able to keep a clear head during the harder days that you may encounter ahead.
5. Support one another. It’s important we all support one another during this time. At Blackstone, we have been working with our portfolio companies find ways to give assistance to immediate needs. We also provided an anchor contribution to the New York State COVID-19 First Responders Fund as well as additional funds to organizations supporting healthcare workers, first responders and vulnerable populations in New York City. It’s the first of many steps forward we’ll be taking to support communities across the country and around the world.

Even after reading through this, you may find yourself intimidated with the road ahead and not sure how to be the best leader for your organization during this time. That is completely normal. I’m a firm believer that leaders are not always born, but they are often made. In times like these you will be tested and have to make tough decisions. As long as you stay consistent to your values, your organization’s culture and bring other smart individuals to the table as the situation merits, you will feel better equipped to navigate those decisions with greater confidence.

Finally, I want to thank all of those out there leading by example every day – all the frontline workers, doctors and nurses, EMS services, fire, police, municipal workers and everyone else, putting their safety on the line to protect and help others at this time. Your tireless efforts represent humanity at its best. Thank you.