As leaders we can become hyper focused on details in the midst of a crisis, such as the pandemic we are currently facing. It is difficult to look beyond the urgent demands of each day when your existence is at stake. However, it is during times of crisis that we should have three key priorities if we are going to succeed.
The first priority is in fact sustainability. If we cannot sustain our business by keeping the doors open, the rest will not matter. This includes reducing expenses and trying to manage cash flow, making decisions about layoffs, renegotiating debt and managing inventory levels. Be sure to remember your team during this time as well. What support do they need to thrive? How can you stay connected to them even if it is remotely?
The second priority that gets less attention is reinvention. When in crisis how can you reinvent yourself? How can you change the way you are providing a service or product? Or what new services and products can you provide? There are a number of manufacturers pivoting to create personal protective equipment or medical equipment during this crisis. With each challenge there is an opportunity.
The third priority is emergence. Following this period of crisis, how will you reopen your business. Most likely it will not be business as usual. We will be finding a new normal for ourselves and our teams. You may need to continue safety/sanitary protocol, or you may want to continue to offer new products/services, new hours of operation, etc. Perhaps your team will want to continue working remotely or having a more relaxed dress code.
Considering these priorities will assist you in being prepared for and accessing new opportunities. Avoid treading water during these times. Successful leaders and companies will prioritize these three keys to ensure they are ahead of the curve. Change your priorities and create a new 2020 vision!