Restoring and developing trust to prepare for the post crisis economy.
- Updated: May 5, 2021
Leaders know where they are going, and they lead the way.
Leaders need vision and a sense of direction and must share that direction with others.
They must lead by example to gain trust to be effective leaders in difficult times.
Most of the economic sectors throughout the world had to shut down to impede the spread of the COVID-19 virus in February and March 2020. The crisis has continued into 2021 with no end in sight.
At that time, business leaders had to swiftly:
- Plan and source for immediate cash flows.
- Ensure the welfare and safety of their people.
- Protecting the strength of the business.
- Reassess risks.
- Analyse opportunities and threats.
- Delve Into any available support.
- Ask for and wait for governmental support.
- Look for newer ways of doing business.
- Engage in scenario building.
- Develop alternative plans.
- Coordinate their organisation’s response.
For a business to be resilient and return to business as usual or the new normal its leaders must face several challenges.
- The business must restore and develop the trust of the stakeholders and must be open and honest.
- Its leaders must engage openly with staff, customers, suppliers, employees, providers of capital, and other stakeholders.
- The leaders must think about a new future after the pandemic.
- Transitioning the business into the digital age. The pandemic has hastened this transformation.
The business will have to maintain the trust of the stakeholders to survive and prepare for the post crisis economy.