Coronavirus outbreak has created extraordinary challenges on firms, especially on leaders. The transmission of virus has created fear among stakeholders and employees. This uncertainty has given rise to feeling of losing control, emotional disturbance and disorientation among business executives.
In spite of various actions like adjustment to business practices, adopting new tools, work from home polices and more, still there is a slow-developing of crisis in business firms. So, leaders have to prepare their mind and behavior to prevent overreaction for future crisis and to move ahead.
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How to organize response to crisis?
A top-down reaction to crisis can engender the stability of business, so leaders have to mobilize their firms by setting priorities and authorizing others to find out and implement effective ways that serve the priorities.
Leaders can build a team to work together to respond and work on the reasons for crisis. Usually, a network of team includes 4 domains such as workforce protection, customer engagement, financial stress test and supply-chain stabilization.
A crisis is a complex situation, leaders has to engage professionals of different fields to manage it. These experts have to act that is they have to gather information, plan solutions and implement them for successful outcome.
Elevating leaders in crisis
Firm senior executives have to prepare shifting few responsibilities to network of team temporarily in order to handle the crisis. The most important function of leaders is establishing architecture to make decisions.
By this, accountability will be lucid and decisions will be made by the appropriate people of different levels. When crisis passed, optimism is more beneficial to get success in future.
How to make decisions during uncertainty?
The common mistake made by most of the leaders is waiting for facts before determining the next step. This is because crisis involves a lot of surprises and unknowns, so it takes a lot of time to clear the facts. Leaders have to cope up with the uncertainty by collecting required information of crisis and observing their solution work.
Few moments during crisis need immediate action to anticipate or assess without much time, leaders have to move ahead accordingly.
Give first priority to human tragedy
Many people are giving first priority to their own basic requirements and survival. Many questions are in their mind such as Will I or my family hurt or sickened? What will happen? Who will take care? Etc.
The main responsibility of a leader is making positive difference among people’s lives. Each crisis may affect in different ways, leaders have to pay attention to the people and take necessary actions to support their employees and stakeholders.
Maintaining transparency is the right job of a leader during crisis. Be sure about what you are aware of and what not. Offering realistic, optimistic outlook will have a positive impact on stakeholders and employees that will inspire them in supporting company’s recovery.
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