Apr 12 2020
- A crisis is a cruel reminder that the No 1 business objective is to survive! Not just to serve customers, make money, manage stakeholders etc. Some even say that a crisis is a gift to go back to basics!
- Build-up your resilience, i.e. your ability to survive and thrive through unpredictable, changing and potentially unfavourable events.
- Communicate, communicate and communicate again! Set-up a central communication Hub, easily accessible to all. Update daily. Be frank, don’t hide bad news. Communicate across all channels: employees, customers, suppliers, shareholders and community at large.
- Develop new skills in managing remote teams, set-up appropriate infrastructure, establish daily rituals, have regular (daily, weekly?) top leadership communication, establish clear guidelines for virtual meetings.
- Offer emotional support to those in need, e.g. 1-1 mentoring and coaching, seek ways to overcome social isolation, connect through compassion.
- Share the pain, e.g. many CEOs forgoing their salaries and bonuses, Greek PM asking his Ministers and MPs to take a 50% pay cut for the next 2 months.
- Constantly reframe your efforts, review and digest new information, look ahead, learn to take decisions (and manage risks) with incomplete data, an art and a science!
- Crowdsourcing ideas from your employees, review all options, even the less conventional ones.
- Remember that bad times often bring out the best in people, use this opportunity to discover hidden talent and unsung heroes, recognise those going the extra mile.
- Prepare for the next crisis, digest lessons learnt, prepare for the new normal, the world will be very different post COVID-19.
About the author
Dr Yanos Michopoulos
Dr Yanos Michopoulos has 29 years of senior business experience in various energy and related sectors, including oil & gas, renewables, infrastructure, shipping and technology. He has managed large P&Ls (> €1 bl), has been a member of regional and global leadership teams of large energy corporates (top 1%) and has led large, distributed teams across countries and cultures. Dr Michopoulos has a PhD from Durham, UK.
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