Why adaptive business leadership will set the way forward during this unprecedented crisis

The roles and responsibilities of business leaders have dramatically changed in the past months, as now most of the companies have to adapt to the “new normal”. Before the COVID-19 pandemic, CEOs and executives were largely focusing on driving revenue and gaining market share, now they have to make fast decisions about controlling costs, maintaining liquidity and assuring business continuity, while facing roadblocks such as supply chain disruptions, operational challenges and staff health and safety concerns.

Speaking from my own experience, I can say that this transition is not an easy one. Leaders’ skills will be challenged and the learning curve will be steep, and unfortunately not every business will survive this crisis. But those who will adapt quickly will see it through with a new business model. A leader should ascertain what could be the impact of the current crisis and take early measures, propose solutions and articulate a new vision addressing potential issues that may arise and come up with workable solutions to overcome multiple challenges. Panic and negativity should be avoided at all costs and it is a leader’s responsibility to offer a direction and encourage teamwork.

Needless to say, business leaders are under pressure now more than ever and it’s their response making a difference whether the business will continue or not. A Harvard Business Review article pointed out that 54% of executives are experiencing loneliness and isolation, feeling that they are being held accountable for problems outside of their control. However, this is a time to embrace uncertainty, leverage this ambiguous environment, launch new ideas and try a different approach. This is a time for a strategic leader that invests in forward-facing thinking, facilitating people through risk and change. In short, this is a time for an adaptive leader.

The adaptive leader’s main skill is to unlock hidden potential in people, lead with transparency and consistency, take action to create stability within an unstable environment while continuing to deliver quality services despite the level of disruptive change.

Taking into consideration that the corona virus (COVID-19) pandemic was not a foreseeable crisis, where businesses can simply respond with a routine emergency by following a plan which has been drawn in advance, the adaptivity power of a business leader becomes an important tool to navigate unfamiliar territories and a “look ahead” mindset is what a leader needs to place himself ahead of yesterday’s problems.

Finally, let’s not forget that business leaders are not some superheroes whom we call into action to save the economy, they are humans and they will experience stress and fatigue as uncertainty builds up during this crisis, so it becomes even harder for them to remain levelheaded and practice flawless judgment. Emerging unscathed from a crisis is not a one-man job. That’s why empowering others is one of the most critical skills a leader must possess in order to be able to rely on a network of teams to make the best decisions, adjust and take the right action as conditions change.