As business leaders, how do we navigate the road ahead when there is no map or guide book? Doris Valade, The Malabar Group Inc.
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n March 11, 2020, the World Health Organization (WHO) officially declared the outbreak of COVID-19 a pandemic. Day-to-day life changed for all of us. Many of you remember the financial crisis of 2008 — 2009. It wiped out $2 trillion in global growth and cost 2.6 million jobs in America. In Canada, unemployment rose to 8.4% and more than 1.5 million people were looking for work. Yes, Canada went into a recession, but we did recover. Will we recover again? It depends. Today, we are facing the possibility of another recession, but this time with the added stress of risks to our businesses and our health. It’s a lethal combination. Fear, uncertainty and confusion are making it difficult for many business leaders to think about tomorrow. After all, who plans for a 100 per cent drop in revenue?
Right now, as business leaders you are facing challenges that are not found in a typical business plan or company handbook. Your business is at risk and perhaps in critical condition. Much like a surgeon, you must make difficult decisions — decisions that cannot be based on thinking about immediate pain or eventual recovery. Rather, you must focus on the goal of saving the life of your business right now. But where do you start? Start with the two key fundamentals to running a business that are now more important than ever – communication and cash flow. The fundamental need for communication As your company’s leader, you make important business decisions every day. You are the go-to person for guidance and direction. So right now, everyone is looking to you for answers to, “What is happening?” and “What can do we do about it?” If you haven’t done so already, open or expand the different channels of communication around you. Communication should include open dialogue with your team, your customers, your vendors, your family and yourself! No business leader has all the answers. (If you think you do, trust me, it will impede your company’s recovery.) Start the conversation and bring together resources that can provide reassurance, understanding and support.
“Fear, uncertainty and confusion are making it difficult for some business leaders to think about tomorrow. After all, who plans for a 100 per cent drop in revenue?”
SAVE THE DATE!
THE INTERNATIONAL CENTRE
MISSISSAUGA www.meatpoultryon.ca/meat-industry-expo
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BlockTalk - Summer 2020
Your team needs reassurance — they will be worrying about job security and income. Their emotional and financial wellbeing will directly impact their productivity. Open dialogue and regular company updates are important. So is sharing the challenges you are facing as a company. As leader, you are also human, so it is a great time to share more of that side of you. Share your experiences. Encourage questions. Engage your team with topics that include how the company could improve its processes through the pandemic. If you’re not in business, but are staying in touch with staff, invite suggestions for improvements when operations resume. This gives everyone hope and keeps you in touch. Communicating with your customers is also critical — like your staff, they too will have questions. Communicating with your customers is also critical — like your staff, they too will have questions. The simple things are important for them to know now. What are your hours of operation? Who can they talk to if they have questions or concerns? How can they contact you? Have your services/ products changed during the pandemic? Let your customers know that they are still top-of-mind. Regular email updates provide the reassurance that business will continue.
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