This article was first published in Entrepreneur Middle East.
The world is adjusting to the new reality that has suddenly confronted us. As teams around the world embrace the latest technologies to communicate, now is the time for leaders to formulate and mobilize their strategies to ride the wave of change. In situations such as a global pandemic, the cogs of pre-COVID-19 innovation simply move too slowly, and leaders should be seeking out speed, precision, and foresight to get them through.
Anticipation and planning
Charles Darwin had a one-size-fits-all answer to the threat we face today- adapt and thrive, or stay still and die. If you are fortunate enough to be a food retailer or pharmacy, the COVID-19 pandemic may not pose the same threat as it does to so many other industries. However, other sectors will certainly need to tackle the situation with an air of creativity, as project-based businesses are feeling the repercussions of supply chain shortages and delays, while SMEs, startups, and agencies are facing liquidity issues.
The most pessimistic medical science anticipates the world is facing a six-month crisis, provided we don't make any economic blunders to prolong the situation. This means that while it is tempting to sit back and wait for the storm to pass, all businesses must produce a realistic survival strategy for the next six months. Auditing current contracts and timelines to identify where it may become difficult or impossible to carry out contractual obligations or meet deadlines is key to mapping out the short- and long-term future.
From an operational standpoint, it is also worth keeping in mind the light at the end of the tunnel may be pent-up demand. Therefore, now is the perfect opportunity to review procedural efficiencies to ensure your business emerges from these unprecedented times a robust, well-oiled machine.
Communicate and negotiate
Opening the lines of honest