The rapid spread of the coronavirus has created havoc with not only our health systems but the way we live & work. Overnight businesses have transitioned millions of employees to work from home. And for the majority of those employees, working virtually is a new reality. Additionally, employees are seeing 24/7 pandemic news & their savings being shredded. As leaders & their teams make this sudden shift, it will be a challenge to ease employees’ anxiety, collaborate effectively & function productively

Because of the disruptions caused by the COVID-19 pandemic leaders are being forced to think, behave & lead in ways that are unfamiliar & uncomfortable. With employees unmoored & a work-life experience that’s ever-shifting, leaders need to exhibit a leadership style that is situationally appropriate. Employees & organizations have different requirements & expectations of their leaders – than they did 30 days ago. And organizations & employees – more than ever - need their leaders to ‘step up.’

In this second in a series of articles I wanted to share some of the initiatives organizations are using to – Develop & Communicate Business Response Plans to Mitigate the Impact of COVID-19

Many businesses are reacting to this crisis by first developing a fact-based understanding of the potential consequences to their operations including:

Their vulnerabilities with the potential impacts & probabilities of each occurring

Specific initiatives to address their priority vulnerabilities

Then assembling a task force with members from various functions to develop their response plan with:

Objectives – to clarify their desired outcomes

Projects, initiatives & action steps with accountabilities - to achieve those objectives

KPIs & metrics - to gauge their progress

Clearly, every Business Response Plan needs to be unique, but many organizations are addressing, at least, the following four areas:

#1 Assuring their employees that the leadership team is taking the proper steps to protect:

Them & their families

The business - so there will be jobs to come back to

And being candid with their employees regarding the:

Health of the organization

Initiatives that have priority

#2 Enhancing communication with their customers including:

Changes to their day-to-day operations or business hours

Limitations to the availability of their products & services

Changes to how customers can access their products & services

Addressing their customers’ desires for modified products & services including accelerated digital interactions

Accommodating their primary customers with cash flow challenges

#3 Projecting their near-term financials based on various likely scenarios while:

Assessing the near-term demand for their products & services

Maximizing initiatives that generate cash flow

Minimizing their expenditures on non-essentials, cash flow outgoings & accounts receivables

Assessing the availability of outsourced services & their supply chains

Positioning their products & services as necessities

#4 Right sizing their business through:

Steps to avoid downsizing: shorter work weeks, bans on overtime & additions to staff, voluntary unpaid leave & salary & bonus freezes or deferrals

Downsizing initiatives

Addressing the needs of their enlarged remote workforce – there will be more on this subject in future newsletters

Then as they make decisions & take action, they are communicating those decisions & their rationale candidly to their employees & customers

Quote: “I don’t like to brag but I’ve been avoiding people since before the coronavirus.”