They say savvy leaders never stop learning, and sometimes most important lessons are learned at most difficult times. Reading from the sudden transformations in the commercial sector, it is no doubt COVID-19 has triggered landmark transformations that will redefine business models in many years to come. Let us look at some of the lessons leaders have learned.
Impact of covid-19 on business
Coronavirus has compelled global administrations to impose stringent mechanisms to combat its spread. Some of the techniques that have been applied are social distancing, cessation of movement between regions, and lockdowns. These measures have had a direct impact on businesses in differing ways like reduced purchasing power of consumers, employees have to keep off work sites, and the supply chains have been disintegrated. In response to emerging conditions, businesses have limited scale of operations and applied for government support, leveraged technology to enable employees to work from home, unleashed new power of online presence, and revised their packages to improve affordability. This document discusses the impact of covid-19 on business, what businesses are doing to cope with the situation, and how closed enterprises can start preparing for restart.
Take away lessons from covid-19 pandemic
This blog give you some insights in our new e-book “Impact of covid-19 on Businesses and To Prepare for Reopening” in which we discusses the impact of covid-19 on business, what businesses are doing to cope with the situation, and how closed enterprises can start preparing for restart.
Adoption of Technology-led business model
Throughout this paper, I have repeatedly talked about the usefulness of digital technology in keeping businesses operational during these unusual times. It is ingenious to iterate what I have already covered in other sections; however, let me bring to light a few things. Collaboration at the workplace is one of the defining characters of a successful team. Previously, collaboration was mainly manual as businesses were still relying on traditional methods like movements across offices and telephones. This crisis has prompted a shift to modern tools like Google G suite, slack, and video conferencing apps. These tools have not only improved the coordination of workers but have also minimized physical contact with items. This is a trend that shrewd managers will definitely carry to the new world after the virus.
Embrace Decentralized control
It is understandable for leaders to have the urge to centralize control to ensure everything works to the plan. With remote working policy, micro-managing employees is impossible. Even leaders that believe in the model have been required to reconsider their style of management. As businesses open, it will be interesting to see how leaders assume their roles in traditional working space. I’m optimistic many organizations will be more positive about workers taking charge of their functions with minimal control.
Cooperation is king
Navigating through a crisis requires more than just a hardworking team. Jeff Cava explains that weak cooperation during an emergency can easily lead a business into a total collapse. The expert propounds that genuine and honest relationships are paramount to navigating through a crisis[1]. During this crisis, many companies have mended relationships amongst workers to facilitate virtual collaboration. As businesses resume, leaders should continue exploiting peacekeeping strategies to enhance harmony for higher productivity.
[1] Jeff Cava (March, 2020), Applying Past Leadership Lessons to The Coronavirus Pandemic. Retrieved from: https://www.mckinsey.com/business-functions/organization/our-insights/applying-past-leadership-lessons-to-the-coronavirus-pandemic
Upgrade business agility
As businesses reinvent themselves, so must the business agility be remodeled. Based on the Forbes article by Steve Denning, conventional practices of business agility were articulated on the basis of face-to-face meetings. Now one-on-one sessions are not reliable as many companies are opting for virtual meetings; agile methods should be reformulated to allow virtual implementation as well as face-to-face to enable enterprises to be flexible[1]. He stresses that in this context, businesses should focus more on strategic agility rather than operational agility. This implies that companies should hire coaches familiar with principles of strategic agility and critical metrics to achieving strategic agility.
[1] Steve Denning (April 19, 2020), Why Only The Agile Will Survive. Retrieved from: https://www.forbes.com/sites/stevedenning/2020/04/19/why-only-the-agile-will-survive/#585c06132c1e
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