It's now real! 5 suggestions to respond.
This is the week that the unfolding impact of Covid -19 got real for most sectors and companies large and small. Whilst the travel / hospitality / event industries have clearly been smashed, few businesses are likely to emerge without being impacted in some way (negatively and/or positively) over coming months.
Over the last few days I have spoken to all of my clients. My key messages and learnings include:
- Know your numbers. Work with your finance team / accountant to ensure you understand likely / possible "what if" cashflow impacts over the next 3-9 months.
- Be decisive and act– The impacts in many sectors are growing and are unlikely to end soon. Make clear headed decisions now to maintain cash / buy time / access govt support etc.
- Be aware of and manage your and your team’s energy. Breath. Keep yourself as grounded as possible in today's choices and actions, having regard to possible future scenarios. If you can't get to the gym, look for ways to manage stress and anxiety in other productive ways.
- Communicate, communicate, communicate – To your team, clients, suppliers and other key stakeholders - often and transparently. Be aware of the impact of your non-verbal (facial expression, tone) communication.
- Look for the silver linings - very hard to see at this stage but opportunities will present to those who actively use this period to re-imagine themselves for a no-doubt changed landscape.
- There will be a bounce