As we continue to navigate uncertain times as a result of the COVID19 pandemic, businesses of all sizes are facing unprecedented challenges. The challenges come not only from radical shifts in supply chain, revenue, and temporary closure, but also in leading and supporting teams of people.
In an effort to help other business leaders, we’re sharing insights from member CEOs, business owners, and LXCouncil moderators over a three part series. This is part two in the series – in this segment we’re featuring advice from some of our experienced group moderators.
PART 2
Advice from LXCouncil Founder, Tina Corner
- Long-term planning is one-week, Daily planning is daily.
- Cash flow statements forecasting real time.
Have at least 3 versions of worst case, bad case, hopeful case. Keep refining as time goes on and input each decision in the cash flow statement so you understand the impact financially.
- Review this CEO’s Guide to Remote Working: https://lnkd.in/eZVfqrK
Advice from Ernie Wassman, LXCouncil Moderator
Preserve Human Capital! The biggest challenge facing us was attracting, compensating, and retaining talent before Covid-19. Economics are stressed today. Preservation of the Institution will resolve short term debt issues, but loss of talent will diminish long term recovery. Preserve human capital, suffer the short-term loss to the institution and the human capital will help rebuild the institution.
Advice Eric Hansen, LXCouncil Moderator
- As a country we are facing into a shared crisis that everyone will experience and respond to differently. But, despite our differences, rest assured that each of your employees is feeling to some degree the symptoms of Fear, Uncertainty, and Doubt – the FUD Factor. COVID-19 is threatening our personal safety, economic stability, and emotional well-being. You are also feeling the impact of FUD because you too are human. Finding a safe place to deal with the stress and anxiety you’re feeling is critical, because the leadership challenge you’re facing into is to be strong for yourself and for your employees.
- We often talk about Emotional Intelligence(EQ) and empathic leadership . The ability to observe, listen and respond with empathy is the interpersonal skill that outshines others for building trust and deep connection with those you lead. And, this moment of crisis is the ideal time to practice it! Rest assured that your employees are watching you and listening intently to what you have to say – and what you do. Speak to them as people who are concerned for their future. Acknowledge what they must be feeling. Speak honestly. Share your humanity and let them know you share many of their concerns. Reassure them where you can do so with confidence. When your employees’ sense that you are truly aware of them, their level of respect and trust for you will deepen. Walt Whitman said, “I do not ask the wounded person how he feels. I myself become the wounded person.” This is that moment.
- Make this about them. Remember that Employee Engagement thing so often referenced in popular literature? This is where it becomes real. Be visible. Communicate often—open up. Ask questions. Listen, listen, listen. Find productive ways for your employees to channel their anxieties. As you lead your employees with integrity and empathy through this, they will remember it. What will be the stories your employees will tell about you? It is a legacy moment that the whole world is focused on.
Advice from Brad Seamon, LXCouncil Moderator
- Ironically, while social distancing, isolation and warnings are being used to protect us from the Coronavirus, they also make us vulnerable to the “stress” virus. Strategies like exercise, mindfulness, visualization and being present can be helpful in managing the stress virus. Whatever strategy we use, we should be sure to employ it before making important decisions to make sure our experience and expertise are not being blocked by fear or anxiety.
Advice from Mark Weston, LXCouncil Moderator
- Employee work changes:
- Furlough all but a few essential employees for a period of 2 months.
- Skeletal crew when you can
- Reduce office hours
- Reduce hours/pay
- Layoffs if you have to as last resort, cut deep enough so not to do multiple
- Still pay employee benefits while they are laid off if that is an option
- Ask the question:
What do you want your company to be when we come out the either side of this?
- Preserve cash
- Have frequent dialogue with your teams. Be honest with them with no corporate speak.
While each of these CEOs, business owners, and moderators come from different backgrounds and industries, the common threads weaved through their advice is clear. Stay engaged and make your employees and existing customers a priority. Preserver cash and preserve human capital to the best of your ability.
Leaders who take this approach will come out with their businesses better positioned than those who don’t. The crisis will end. Stay engaged. This is a time for your strongest leadership.
++++++++++++++++++++++++++++++++++++++++++
If you’re ready to take your business and leadership skills to the next level, and if you think your business could benefit from more insights like what’s offered in this article, let’s start a conversation. LXCouncil may be the perfect next step!
CONNECT WITH LXCOUNCIL ON SOCIAL MEDIA
