Many companies were not prepared to deal with crises of proportions such as the current COVID-19 pandemic and so we see many leaders acting in different ways to face it. It is a time when a focus on strategy is critical for your business, not only to survive the crisis, but also for its continuity in the future. Some of these strategies increase the ability to assess and respond to new circumstances, some do not. Therefore, in addition to the perception of negative impacts, the crisis also expands the experience in generating innovation opportunities and methods that add value to the business.
At the present time, most companies' priorities are: Evaluating backlogs and determining appropriate actions, resolving inherent project delays
to labor or other issues, protect the health and well-being of employees and carefully monitor the gross profits of contracts in progress. And many leaders already consider that the current scenario can bring positive effects, provided that their strategies and processes are reviewed, as well as the implementation of governance for crisis management and also planning of investments in technology and cybersecurity.
For this, an important point that is being observed is how the current strategy can evolve to new demands. During a crisis, strategic objectives change, often radically. Shortening the time of goals can be a way out, or stipulating what actions must be taken to meet priorities, understanding how your marketing processes and internal systems need to change and what opportunities may be available right now. Without a sense of how circumstances change from day to day, short-term goals require agility.
Another important point is to create a team to analyze the new scenario and consider the best responses to the circumstances it has brought. This team needs solid management, focused on monitoring each process and focusing on the logistics of the tasks. It is essential to record what worked and what did not work while operating in a crisis, for an up-to-date crisis management strategy. Team members must focus on their areas. For example, in finance, asking yourself if projects are late or closed, if payments are coming in at a normal pace or slower. In operations, knowing how the crisis is affecting workflow, how the company is keeping its employees safe and where new resources should be reallocated. As leadership makes decisions about re-allocating resources, some roles may be focused on the immediate need and others should focus on the long term.
In addition to the concern with the possible economic-financial impacts and with the safety and health of employees, another topic that is relevant is communication. Keep internal and external audiences properly informed in times of crisis. Successfully exiting a crisis requires that strategic objectives and communications go hand in hand. Keeping good communication flowing helps everyone understand how important their contribution is to getting through the difficult time and what their role is in the current strategy. During times of crisis, excessive communication is essential to maintain motivation and when it comes with credibility, consistency and unification, it establishes clear channels for doubts and feedbacks.
Finally, leaders are also aware of their role in the community, as every crisis that affects their business also affects their community. In this context, it is interesting to respond to changes in the external environment, finding solutions for your community or offering some type of support to its members.
It's hard to focus in the face of a crisis, but innovative companies tend to thrive in the midst of change and uncertainty. Crises are moments for resilient and transformative leaders.
Get in touch with TATICCA – ALLINIAL GLOBAL, which provides integrated auditing, accounting, tax, corporate finance, financial advisory, risk advisory, technology, business consulting and training. For more information, access www.taticca.com.br or e-mail taticca@taticca.com.br. Our company has professionals with extensive experience in the market and has certified methodologies for carrying out activities.