We are at a time when most companies have seen the coronavirus pandemic directly hit their activities and economies,living through a moment of uncertainty until normality can be restored.
In this situation, the leadership capacity of entrepreneurs is fundamental to be able to act and make decisions that allow the maintenance of the company and even help it to be strengthened after the pandemic by the Covid-19.
It’s a situation unknown to everyone, that none of us had ever lived before. That’s why here are some leadership lessons that can help strengthen your business after coronavirus.
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Leadership lessons that will help strengthen your business after Covid-19
1. Establish a decision-making committee
During the coronavirus crisis, important decisions will have to be made in your company, so one of the main leadership lessons is knowing how to act. For them, setting up a Decision-Making Committee that is able to establish an emergency strategy and manage the crisis is a good starting point.
This will make it easier to set goals,being able to make decisions faster and more effectively.
2. Assess risks and create a response mechanism
Linked to the previous point, we believe it is important to assess the risks facing your company or business, and establish a response mechanism to take the most appropriate measures based on the area of the facilities, production plans, financial capital,… Etc.
3. Communication plan between employees, customers and suppliers
Maintaining communication during this crisis is essential for the company, so it is advisable to create a communication plan between company and employees, company and customers and suppliers; that will allow them to maintain a fluid communication and an activity, within the possibilities.
Being transparent and honest in this communication is undoubtedly one of the keys to maintaining the trust of our customers and suppliers, but also of our workers.
4. Power up telework
As soon as possible, we recommend boost telework in your company until the necessary conditions can be given to ensure the safety of your employees, as this way you’ll be showing a commitment to your workers,as well as prevent possible contagion among employees, without putting their health (and consequently that of their families) at risk.
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5. Adjust your budget
For the duration of the coronavirus crisis it is highly advisable to readjust your company’s budget,with the aim of securing funds and avoiding setbacks that could complicate your financial situation in the future.
To do this you must take into account your level of activity and that of suppliers,paying attention to the situation of international import and export trade. Value the impact that all these changes can have on your economy and readjust your budget that you had set for this year, reviewing the objectives to be achieved if necessary.
6. Empower the training of your employees
Take advantage of this moment of less activity to enhance the training of your employees,through online training courses that they can carry out remotely from their homes, with the aim of bringing them back to the most qualified activity. This way you will be investing in the growth of your company.
7. Update your company’s risk management mechanisms
Finally, we believe that another of the leadership lessons will be to update your company’s risk management mechanisms,both for the time we are in, and to prevent potential outbreaks of contagion in the future.
Develop a risk management manual and test for effectiveness in an emergency situation. This will help you prevent risks and alleviate the potential consequences of a new emergency (if any) and you’ll be more prepared for situations like this.
Far from being ‘cross-handed’, these are some of the main leadership lessons that we propose from AYCE Laborytax, to help you maintain activity, as much as possible, and to get your company to be strengthened more after this coronavirus crisis in which we find ourselves.