Just as we couldn’t have predicted a global pandemic would hit us like a tonne of bricks this year, we can’t know for sure what will happen for businesses post-COVID. What we do know, however, is that we have the chance to adapt to these challenges and build resilience in the process.
As many of us are well aware, the impact of the coronavirus pandemic goes beyond being a health crisis. It has also impacted the social and economic order globally. We’re in uncharted territory and nobody is quite sure what the next 12 months will look like.
There are ways, however, you can look beyond the fog of uncertainty to prepare your business for the new normal. There are 3 things leaders will need to navigate what comes next.
No doubt you have employee safety and business-continuity plans in place already. Perhaps you have remote-working or social distancing procedures and are ironing out the kinks in any supply-chain issues. We are good at responding to an issue as it happens and can usually pivot in a hurry.
To future-proof your business, however, you also need to ensure that you and your staff share resolve in what action needs to be taken. Now, more than ever, your employees need to be engaged in the journey. Share your business plan of action with them and how they can support it. Consider also, is your workplace culture one that will get the most out of your people, remotely or otherwise?
The economic impact of virus-suppression efforts could cause the biggest shock to our livelihoods in nearly a century, according to a McKinsey Global Institute analysis. Resilience, therefore, is vital to business survival.
Beyond immediate issues like cash management, businesses need to think about broader resilience strategies for the long-term so that they are prepared to cope with shocks, are more productive and better able to deliver to customers.
This is the pandemic that changed everything. We can expect to see a continued adjustment in the preferences and expectations of people – both as employees and consumers. Businesses that reinvent themselves to respond to the changes in how we live, work and use technology have greater opportunities to succeed.
Strong leaders provide purposeful action and aren’t afraid to reimagine new ways of doing things. A proactive and flexible leadership approach will help you take advantage of new opportunities.
As published in Nepean News.