The coronavirus pandemic is raging worldwide. The Covid-19 situation changes daily if not hourly. Businesses closing. Supply chains rupturing. Consumer confidence tanking. Unemployment claims skyrocketing. The future is uncertain, but for one thing. Eventually we will emerge from lockdown. But then what?
Right now many leaders are responding and reacting to what’s in front of them. Understandable. This approach will see you through to the end of the tunnel. Depending on the expert or prognosticator, however, the light at the end of the tunnel might be one of two things: new opportunity or a train coming your way.
According to Karl Robe, APR, agency principal of Karl James & Company, crisis and opportunity are two sides of the same coin.
“Chaos presents opportunity for good and bad,” Robe says of his experience advising clients in crisis. “Our coronavirus client work has revealed some amazing leadership and bravery.”
Robe says we’re often asked, “‘What should I say? How should I say it? And what should we do?’ to which we always refer back to values.”
“We guide crisis decisions using a client’s own value system as markers along an uncertain path,” he says. “If you are consistent with your values, no matter the outcome, you will be true to what you represent.”
Seems simple, Robe writes on his LinkedIn profile. But there will be many examples of corruption, dishonesty and unethical actions once the dust settles on this public health emergency.
“It may put you out of business, out of a job, or out of your profession,” Robe says. “It will certainly damage your reputation. Even if you get away with it, without discovery by public watchdogs, those around you will know. And they will perpetuate a culture based on what you did when no one was looking.”
Whether what lies ahead is a locomotive or the refreshing light of day after darkness, both require preparation now for what lies ahead. But how? Where do I find the time, much less the questions to ask to get a framework to build out my strategy?
A recent Harvard Business Review article “Preparing Your Business for a Post-Pandemic World” looks at five questions to consider, as you prepare your business for a new world order certain to reshuffle the way businesses operate.
Authors Carsten Lund Pedersen and Thomas Ritter share some questions covering planning to culture to resources. The duo provide a worksheet to help you sketch out answers to five questions to prepare for the post-pandemic business world. It breaks out into “During the Crisis,” Immediately Following the Crisis,” and the “New Normal.”
Ritter is a professor of market strategy and business development at the Department of Strategy and Innovation at Copenhagen Business School in Denmark, where he researches business model innovation, market strategies, and market management. Pedersen is assistant professor at the Department of Marketing at Copenhagen Business School in Denmark, where he researches B2B digitization strategies, employee autonomy, and market strategies in times of change.
Melissa Doud is Interim COO of the LDF Business Development Corporation. An umbrella organization designed to generate revenue and create jobs, LDF BDC is comprised of LDF Holdings, LDF Construction and LDF Country Market. All of these business units diversify the revenue stream, beyond gaming, for the Lac du Flambeau Band of Lake Superior Chippewa Indians. Visit LDFBDC.com to learn more. ###