A world crisis like this is a great opportunity for leaders and their businesses if navigated smartly. It’s an opportunity for trial and error of new innovative business streams, for reshaping stronger and more effective teams, for exploring big growth moves, and for building strong, trusted relationships with your clients. Read this article to understand the 5 key traits that business leaders should possess to thrive in crisis.
No one could have predicted how 2020 would play out. Media calls it a textbook Black Swan event. But is it?
A Black Swan is an event so unpredictable that it’s beyond what we can predict or prepare for, and that can have a severe impact and inflict catastrophic damage to an economy. On the list of past Black Swan events are the 2008 U.S. housing market financial crash, the similar dot-com bubble of 2001, or the 79.6 billion percent Zimbabwe hyperinflation case of 2008.
We can all agree on the similar catastrophic economic impact from COVID-19 so far and the grim forecast for multiple sectors of the economy; but what’s different from the events highlighted above is that this time it was entirely predictable and will happen more frequently in the future.
Pandemics, epidemics, and disease outbreaks are not unusual. They have been registered in history for centuries, with many of them having similar global impacts at the time.
We had enough warnings and data to say COVID-19 was predictable and the same data predict pandemics will be more frequent in the future. Bill Gates told the world in his now seemingly prophetic 2015 TED Talk that the next global threat to humanity would not be a war, but a global influenza pandemic. He added, at the time, that we weren’t ready for it. He was right. We did not have the supplies, the protocols nor the data infrastructure ready. It became uncharted territory for almost every organization.
But companies that have been managing well during 2020 have been the ones where their business leaders used this forced opportunity for adapting and shifting their business practices. Showing that it’s time to start acting differently, to lead with short- and long-term adaptability planning. It’s time to rethink how businesses are operated, how they can be more efficient, how they can add new value to their clients and how they can find new clients; and to reshape organizations to shift to behaviour and mindsets more fit for a new way of operating. Building a resilient business will demand that leaders balance between fallback plans and growth momentum.
These are 5 key traits that business leaders should possess to keep their businesses resilient and growing during a crisis:
A world crisis like this is a great opportunity for leaders and their businesses if navigated smartly. It’s an opportunity for trial and error of new innovative business streams, for reshaping stronger and more effective teams, for exploring big growth moves, and for building strong, trusted relationships with your clients.
But this opportunity demands business leaders that can excel in more and broader areas, who are more generalist in their skillset and that can embed risk in their operating model while managing limited crisis budgets.
Lawrence G. Calhoun and Richard G. Tedeschi, “Posttraumatic growth: Conceptual foundations and empirical evidence,” Psychological Inquiry, Volume 15, Number 1, pp. 1-18.