Finding Our Way

How we can get through the new COVID-19 business environment

For all of us, even those who have been around for a very long time, the current situation with the pandemic and the economic meltdown is different in scope and impact. The old models of what business owners should do in times of crisis are no longer relevant.

Or are they?

While there is much we do not know, there are some certainties in all of this. The crisis will pass, and business will pick up. We may not be able to pinpoint when, or how, recovery will come to pass, but it will happen. Businesses that not only survive through the coming months, but ultimately excel, will share several common, timeless characteristics that show up in the way their leaders behave.

First and foremost, their leaders will keep their heads. They won’t panic and make snap decisions, but instead take measured decisions when the time is right. They will make sure that the people they are responsible to — employees, customers, shareholders — are kept informed of key steps and the status of the business. They exude confidence that business will continue, and that they have a handle on the situation.

In times of crisis, leaders look first to how they can help ease the situation for their employees, and how best to help customers deal with the effects of the situation, before looking for opportunities for leverage or advantage. They know that people, both customers and colleagues, come first. We gave our employees our full support for whatever measures they need to take to deal with their personal circumstances, and we offered our customers free licenses of software to support people who work from home. Neither was tied to any specific act of loyalty on the recipient’s part. Now is not the time to take advantage.

Speaking of customers, here’s an idea they will love. Call them. Talk to them, about anything except your product. Ask them about their business, how they are dealing with the crisis. Are they personally impacted? Let them know we are here to help, in whatever way we can.

When business slows, and once we have done what we can for our stakeholders and our communities, leaders know that the slower pace of business presents an opportunity to assess and address places in the business where processes could be improved, either to provide a better customer experience, contribute more to operating efficiency, and hopefully both. Chances are you already know where you would focus; it’s the lack of time that stopped you from making the change. Make it now, while you have the time.

Invest in upgrading the skills of your team. With a slower pace of business, schedule that training you know the sales team needs or the agile software development course your engineering team needs. It will give your colleagues something else to focus on, deepen the bench of talent, and increase their engagement in the business overall. The direct investment is small, the staff time likely is available, and your team will thank you for making the investment. The return on a step such as this one is huge.

Finally, once you work through all of this, then its time to see where we might take advantage of the situation. For instance, does the crisis expose an opportunity for an asset such as an under-performing product to deliver a higher level of value to the company? If we took a product and pivoted it slightly, does it somehow help our customers, or customers-to-be, to better deal with the crisis? Are there companies we perhaps had not thought of previously as potential partners, but in the new view now present an attractive opportunity to help each other’s business grow? If we can see that opportunity, so can they.

Keep everyone’s focus on these priorities, and your stakeholders will thank you. All of them.

About the Author

Dave Opsahl is CEO of Actify, a supplier program management company.