COVID-19 Survival mode: As a business leader

Survival mode… what does this mean for you during this current economic climate? What have others done previously during a time of crisis to keep afloat and their staff motivated?!

I’ve read plenty of articles over the past week or so alluding to coping strategies and leadership styles, with several leaders posing questions such as “What did you do as a business leader to react quickly? Did you put the right measures in place?” Well for many of us across Europe and the US we’re entering our third week of lock-down. Our third week of another wave of hard decisions. Our third week of research, doubt and hope. Some of us are making the correct decisions, others maybe not so, perhaps we don’t bear the scars of an economic crash. But what’s important as business leaders, is that we all react quickly and continue to do so.

COVID-19 is affecting us all in ways which we couldn’t imagine, some far worse than others. Of course, it’s not just businesses that are feeling the effects, but families across the globe. My thoughts go to out everyone during this difficult time.

Humans are a stubborn bunch. We survived an Ice Age, a couple of world wars, X Factor Series 1, 2, 3, 4, 5, 6, 7, (you see where I’m going with this). I also heard the unfortunate news from my heartbroken wife that, the 16th season of The Bachelorette will be delayed… Oh no! What I’m trying to say is, we’ll get through this, and before you know it, we’ll be back to living our normal lives. Whether you’re a nomadic herdsman, or a sedentary Netflix series binger… we can all rest peacefully knowing that Big Vin and the rest of the Fast and Furious 9 cast will grace our cinema screens only a few months later than originally scheduled.

I find it hard to believe that merely 3 weeks ago I was strategizing how to grow my business by another 5 people… and looking forward to going skiing in the Alps at the end of March. Oh, how quickly things have changed. Now I find myself waking up at 6:30am on a Saturday morning, staring at the ceiling thinking… "how do I keep my business operating and my staff happy over the next several months?" This morning I put the kettle on, heated up last night’s unfinished pizza and set upon researching a renowned business leader and what they did to overcome an unavoidable blip in the world of business.

In 2007 competitors wanted to take a bite out of Apple. They were under relentless scrutiny for releasing high-end, expensive products when the world was on the verge of entering a global recession. So, Apple releases the iPhone.

Apple’s analysts would often talk about how the company was going to be hit by “global macroeconomic factors” and began recommending Apple needed to change its business model to create cheaper products. During the run up to 2009 when the world finally stumbled in The Great Recession, Apple continued to refine its iPhone, maintaining or increasing its pricing, to great success.

What can we as leaders take from this? I would imagine there were moments when many of Apple’s staff thought this was bonkers. NO. Jobs had a clear message, whilst the rest of the world was searching for ways to ‘please the consumer’ through slashing prices and subsequently lowering quality. Apple double-downed their efforts. This is where good leadership plays a huge part. How can you get your people to work harder during a period of uncertainty and come out in a better position than when you entered?

 As leaders we must influence our employees with a strong desire for hard work, shared passion and clear vision. Being driven to create a great product or provide an unrivaled service will quickly work its way down through the layers and onto your consumer.

Instead of hiding the truth the effect COVID-19 might have on a business, leaders must display a level of empathy and compassion rather than maintaining an emotional distance from their employees. Regular communication is essential. Those keeping their cards close to their chest will struggle to maintain or raise staff productivity. Due to my line of work, I have the benefit of learning how businesses are coping daily. Those who continue to ‘sugar coat’ are beginning to suffer.

Layoffs are unavoidable for a lot of businesses, but it’s how you act during this period of hardship and the messages you convey that will ensure you keep your staff when the status quo is restored. You can always bring in new clients but losing 50% of your workforce will take far longer to rebuild.

Another familiar name in the business world is CEO of Tesla and Space-X, Elon Musk. He’s a good example of a leader who lives to inspire his staff through motivation and making them feel like they are part of a larger team.

“Leaders are expected to work harder than those who report to them and always make sure that their needs are taken care of before yours, thus leading by example.”

The above must stand as a bona fide statement among business leaders. The harder we work during this period, the more success we’ll see for our staff.

Personally, the past couple of weeks have been tough, but I’ve already noticed much of my workforce going above and beyond. Our activity levels have doubled from what was previously considered as good, not forgetting we’re working from home.

I’m proud of the service we provide, we are learning and improving more now, than ever before.

We’re evolving.