What I’ve Learned From COVID-19: So Far … Part Three
Welcome to the third part of my four-part series detailing what I’ve learned from the Coronavirus pandemic. Read part one, or part two here. In this part we’re going to look at leadership and strategy and how different approaches can get different results.
Leaders lead their businesses to success: through strategy, adaptability and strength
You have a choice in life and business: react to situations or plan your way through them. There is a correlation between the success of a business and the leadership qualities of its owner. The Coronavirus outbreak has been a true test of leadership.
Far too many business owners spent the first two or three weeks of the lockdown period sitting in front of the TV at 5 p.m. waiting to see how the government was going to bail them out. The courageous leaders spent their time talking to advisors, projecting scenarios, developing strategies, creating solutions and leading their businesses into stronger positions.
In the weeks, months and even years ahead, there will be examples of similar-sized companies with identical circumstances in matching sectors where one went under during the Coronavirus outbreak, while the other ended up more successful than when it went in. And that is purely down to the leadership of its owners. One will employ a knee-jerk reaction; the other will strategise their way through it. The first will believe “strategy” and “reaction” mean the same thing; the second will know that you should only react in line with a strategy or plan.
Too few business owners understand business strategy
Are you living month-to-month, hoping there’s enough money in the bank to cover payroll? Or are you sitting at your desk reviewing your goals and then setting out a plan of action to reach them?
I’m not one of those people who suggest “successful” people sit back in their chair and make magic happen. Business is hard work. But if you’re acting without a plan, your results will be down to luck rather than judgement.
If you don’t have a clear, written strategy for your goals and how you’re going to reach them, call me. I can help with that.
During this pandemic all business owners have an opportunity to take a hard look at their business and reshape it. Update your existing strategy or build a new one. Your business should not just serve your customers and employees, it should serve you, the owner, the person who takes the responsibility and risk. So, if your business is not serving you, get in touch.
Next time, I’ll be looking at working from home and what the new “normal”, post COVID-19, might look like. To read earlier posts in the series, click here.