Our country hasn’t seen a crisis that has generated this much fear and uncertainty since World War II. People are concerned about having adequate supplies, they’re concerned about their jobs, and they’re worried about healthcare.
As a business leader, you’re probably at least a little worried about your company. You may have a team who can easily transition to working from home, you may be in a bit of a holding period able to do only some of your work from home, or you may be temporarily shut down. Regardless of your situation, your team is looking at you the same way you might look at the flight attendants when the turbulence doesn’t feel quite right. They’re already worried, but they’re looking for signals to see if they should be really worried.
Your company, and your personal leadership is being tested right now, so I thought it might be helpful to share some tips on leading through a crisis.
- Stay Grounded and Be Transparent. During times of uncertainty, resist the temptation to get sucked into the drama. Determine the most trustworthy news sources and in the current case of the coronavirus, consult state and local health services, the World Health Organization and the Centers for Disease Control and Prevention. Communicate to everyone openly and demonstrate that you’re on top of the situation. Actually no one is fully on top of this situation, but at least be informed.
- Create A Safe Space: Psychologists tell us that in times of extreme stress, it is important to establish a safe space. As a leader, you can do that in meetings with your team by checking in to see how they’re feeling emotionally, and allowing them to express their fears. They need to know it’s ok to feel distracted by their worry, and it’s ok if they need to take time during the day to take care of their kids or just go for a walk in the sunshine if that will make them feel better.
- Be Decisive: Even though you may have a collaborative work environment, now is the time for you to act decisively. As the saying goes, there are peacetime generals and war time generals and during war time, your team looks to you to set a clear direction. You’ll still want to consult with your leadership team, but be prepared to quickly make decisions such as whether to continue to provide service to a client who can’t pay, how to cover work when a key team member is being pulled away due to family responsibilities, and where to prioritize your spend.
- Lead From Everywhere: Retired Admiral Thad Allen of the U.S. Coast Guard commanded the response to the BP Oil Spill in the Gulf, as well as to Hurricane Katrina and the NY Harbor during the 9/11 attacks. When interviewed by the Harvard Business Review about leading through a crisis, he described the importance of leading from everywhere. You need to be in the trenches to understand what your team and clients are going for in order to be credible. But you also need to be leading the strategic charge on where to take your company next. You need to show your team the north star. During times of uncertainty they need to understand the core values that drive your company. When the Admiral addressed 4000 members of the military response team in Louisiana, here’s how he described what he told them. “I told them all I was giving them one order. I told them they were to treat anybody they came in contact with who had been affected by the storm as if they were a member of their own family– their mother, father, brother, sister, whatever. And I said, if you do that, two things are going to happen. Number one, if you make a mistake, you’re going to err on the side of doing too much. And that’s OK. Number two, if somebody has a problem with what you’ve done, their problem’s not with you. Their problem’s with me. And there was so much stress in the room at the time, after I said that, there was literally a cheer broke out. Because so many people were trying to figure out, because of the pressure that had been exerted on the response, and the perception that it wasn’t going well, just a simple set of core values and a North Star to steer by I think is what they were looking for.”
- Look For Opportunity In Crisis: Over the next few months, your supplies may get cheaper and you may lose some competitors. You may be forced to become more efficient, which is good for your bottom line in the long run. During the 2008 recession, several companies grew. Groupon launched in November of 2008 and quickly grew to the point where it turned down a $6 Billion buyout offer from Google. Netflix stock rose by 57% during the recession as it positioned itself as a cost effective alternative to cable. Amazon sales increased by 25% as it prioritized service over price and even found a way to lower prices on many of its items.
Above all, plan, have a backup plan, and have a backup plan for your backup plan. Assume that this crisis will drive lasting social change, because I truly believe that it will. Companies are being forced to go virtual and digital far more rapidly than many expected. As of the last Census, only 5.2% of U.S. workers worked completely from home. A recent Gallup survey found that 43% of Americans worked from home occasionally. A LinkedIn survey showed that 82% of workers want to work from home at least one day per week and 57% want that to be at least 3 days per week. And a Princeton and Harvard University study in 2017 revealed that job applicants were willing to accept 8% less pay for the option to work from home.
So as a leader, assume that this trend of working from home sticks. What will that mean not only for you and your employees, but what new opportunities can you create for your business? How can you do even more to help your clients during this crisis and what market niche is waiting for you?
As John F. Kennedy once said, “When written in Chinese, the word ‘crisis’ is composed of two characters. One represents danger and the other represents opportunity.” Let’s all find the opportunity.