Steering businesses through the threat of the Coronavirus

Over the last couple of weeks, I have been impressed by the steps which my clients & other businesses have taken to adapt their businesses to cope with both the known and unknown impacts of the corona virus.

Of course, cashflow forecasting, scenario planning, identifying potential cost savings & contingency planning for further disruption have been and will remain a priority for the foreseeable future.

I have been encouraged by:-

• Inspiring business leadership to what is without doubt the biggest business challenge any business leader could face.

• The rapid adoption of remote home working ( where possible ) at scale and a reduction in the trust issues by some business leaders who in the past have had concerns over that form of working.

• Rethinking of many business processes, systems and controls to cope with the new working environment.

• Swift implementation and adoption of technology such as Microsoft Teams, Zoom video conferencing. Seeing colleagues faces via any type of video link, even Facetime and Whatsapp really helps everyone to feel less isolated

• Fantastic team spirit, co-operation and flexibility to get businesses successfully through the business challenges associated with the coronavirus.

• Colleagues supporting each other’s well being with morale boosting activities such as ‘water cooler breaks’ using Skype/Teams video links. Not only is this kind of thing essential for our mental health, lots of innovative thinking and ‘Aha moments’ occur over a natter and a coffee. Encourage regular communication breaks and maybe have a weekly 'online happy hour' with your team at the end of each week.

Although we don’t know when this crisis will end, we do know it’s not forever and most businesses will get through to the other side. There will be many more challenges to come and unfortunately some business failures along the way.

Nonetheless, I am certain that we will enter a new era of greater business co-operation, less antagonistic business practices, the permanent adoption of what were seen as interim changes to business processes & stronger resilient management teams committed to getting their businesses back up to speed.