Building Resilience to Lead Your Company Through a Crisis
Today, companies are doing all they can to survive. Will there be clear winners, or will the companies that survive simply be those that demonstrate the greatest level of resiliency?
“In the current crisis, the world is watching when it comes to corporate responses.”Dr. Ioannis Ioannou, associate professor of strategy and entrepreneurship,
London Business School
“I think what is required is for organizations to understand how important it is to focus on the people and to make them understand that we’re going to get through this. And because the organization is strong and the fundamentals of the organization are strong, we’re going to be even stronger as a result of going through this together. Because we’ve learned something about ourselves and we shared an experience together that is unbelievable.”Paul Argenti, professor of corporate communications, The Tuck School of
“Anything that you say you’re going to do, be consistent. Say things that you can live with in the long term. Don’t make stuff up. Don’t be wishy washy. Don’t avoid questions. If you don’t know the answer, say, I don’t know and we’ll get back to you. It’s okay to say we’re looking into it and we’ll deal with that later. When you do come out and say something, try to make sure it’s the right thing,”Chloe Demrovsky, president and CEO of Disaster Recovery Institute International
“In this era of remote work and unpredictability, any leader needs to really step up and make sure that their team understands and feels a part of everything that’s happening. You need to bring people together. So how do you do that? Transparency. You have to be extremely open, accessible and transparent with your team so they don’t feel like things are just being randomly handed down to them, but that they are actually a part of it.”Jason Feifer, editor-in-chief, Entrepreneur Magazine
“The better relationship you have with your suppliers, the more likely it is to have them as part of your innovation process, which will allow you to become more agile, change things, and meet the changing demands and expectations. They’re going to strengthen the trust and the integrity that your brand and your company enjoys.”Dr. Ioannis Ioannou, associate professor of strategy and entrepreneurship at the London Business School
“A lot of that has to do with not pulling any wool over people’s eyes when things are not right and instead, talking to them about the reality of the organization. And if you do that, people will understand even if it’s not the right thing for them individually, they understand how you made the decision. It’s when you hide things or you try to call it “project forward” when it’s really “project two steps back”, that you’re going to lose your employees, your customers, your shareholders, everybody.”Paul Argenti, professor of corporate communications, The Tuck School of
“The idea is to create lots of ways in which people can feel like they are able to reach out, that they’re heard, and that they’re a part of the decision-making process. It’s all about transparency. It’s about understanding. It’s about people feeling bought into their roles and responsibilities, feeling like they have power in the role that they’re in. These are the things that we need to do even more because people want great leadership right now.”Jason Feifer, editor-in-chief, Entrepreneur Magazine
“Above all, leaders need to be thinking about communicating more. You’re going to have to communicate what your plan is for keeping your employees safe and all of those measures like environmental cleaning procedures, payment systems, and how you deal with common spaces. These are the kinds of things that are usually not communicated to customers. There are things that we kind of keep hidden from sight, but now you want to really extra communicate them. You want to show what you’re doing so that people feel taken care of and confident that your business is making the safest choices and the right choices.”Chloe Demrovsky, president and CEO of Disaster Recovery Institute International
“There’s a heightened expectation around consumers for responsiveness and convenience. When we think about responsiveness, it’s really just value. I see consumers having trouble getting information that’s honest and consistent and quick. That’s going to be even more important for consumer loyalty, which everyone’s shooting for. One of the things we found with chronic viruses, it increases the level of uncertainty in people’s lives and that’s going to continue for some time. Any brand that can implement something that gives consumers just a little bit more control, makes it a little easier for them to get through the day, is really going to benefit them.”Bret Kinsella, CEO, and founder of Voicebot.ai and host of Voicebot Podcast
“If you have a better relationship with your customers, you will be much better positioned to make adjustments compared to a company that did not make investments towards its customers. You’re much more likely to receive timely, honest feedback on your products and services. If you receive that sort of feedback, you’re bound to have higher quality decision-making and at the same time you’re going to be more agile in terms of adjusting your portfolio of products and services to meet changing demands and expectations on the customer side.”Dr. Ioannis Ioannou, associate professor of strategy and entrepreneurship at the London Business School
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