While CEOs and executives are struggling to cope with the fallout of Covid-19, an expert on business internationally renowned growth, Jana Matthews Professor of UniSA is encouraging companies to take a step back and carefully consider their activity before making any decision radical about their future.
“The fact that a company survive in uncertain times – and is positioned for growth on the other side – will depend largely on how the CEO and currently lead the leaders,” says prof. Matthews.
“We all have to do with unprecedented uncertainty. And while it is impossible to predict which companies will do all this, there are things you can do to increase their chances.
(Yes, finally there are 5 🙂
1.Balance dollars with sense Look at your accounts and project your cash flow over the next few months – do you need to collect receivables or delay expenditures? Are you in a position to lend your business personal funds? Can you ask some of your employees to take vacation days now or drop down to 80 per cent, if necessary? Remember, there are government grants Also available, so check These too. If there’s still a shortfall, go to the bank to discuss a loan.
2.Double your winners This year not all companies will do their best: if the products are hand sanitizers, soaps, toilet paper or fans, you can have your best year ever. Study which of your products or services they sold and focus your associates on those. If you identify customers who have purchased them, you can also target your marketing.
3.Think laterally Find out what people are buying and look for openings – can you make the straps secure That facemasks or key components in ventilators? If so, let the manufacturers know your capabilities, or alternatively, make the product yourself. If manufacturers need the product in a different way, look for alternatives, Now is the time to be flexible and adaptable.
4.Look critically at your company ‘Strong Eye’ your company, people and products as if you were an outside investor. Are there any gaps, oversights or weak spots? Ask your employees to help scan, as These are the people on the ground, in the thick of it. What can you do better, more efficiently? Where are the double-ups? Be open and ready to listen, then take action. Also, think about what changes you, as the leader, may need to make.
5.Have the courage, brains and heart to lead It’s not easy to lead through chaos at this velocity of change. It takes brains to analyse and develop strategies to keep the company alive. It takes courage to stop doing what used to work and move into unchartered territory. And without question, it takes heart. Empathise with your employees who are worried about their jobs and their futures and remember to provide them with frequent updates – the good, the bad, and the ugly. Weed out any misfits, or non-performers, and do everything you can to keep your great people on board; you will need them to help you grow once we’re on the other side.
“This is a time for smart decisions. The leadership that is shown now, the culture that follows and the decisions that are made will path the way for the future.”