There are countless ways in which the COVID-19 pandemic has affected people around the globe. Our healthcare system, economy, as well as businesses are facing extremely challenging times. The entire world has undertaken a shift on how they work – not by choice, but as a necessity. The pandemic has led to a period of unprecedented risk, uncertainty, and fear for organizations everywhere.
In a period of four months, business owners had to figure out how to run their entire organization from home, keep their business afloat, ensure their employees and customers are satisfied and healthy, and prepare a plan in order to safely return to work. Not only that, business owners also need to be prepared for the years of uncertainty ahead of them.
A recent study conducted by McKinsey & Company estimates that it could take more than five years for the most affected business sectors to get back to 2019-level contributions to GDP.
Executives and entrepreneurs everywhere are wondering how to bring people back to the workplace while respecting health and safety priorities.
There is no denying that these are extremely difficult and challenging times for leaders all around the world. But how can leaders lead in such unprecedented times? How can businesses engage with risks to ensure positive outcomes for their organization? It all comes back to one word: trust.
Leading with trust
There is no leadership without trust. Taking control of your company’s narrative is essential for maintaining confidence in the company and its leadership. Clear and open communication mitigates the spread of misinformation and has a simple call to action. Your employees and stakeholders do not expect you to have all of the answers, but they do expect you to be honest about how your business will take action to find those answers. Policies are constantly changing, and leaders should actively make themselves aware of potential opportunities and threats to their organization – employees and stakeholders should always be aware of both.
The COVID-19 pandemic has taught people all over the world to value their health and safety, and leaders should do the same for their employees. Effective leaders need to ensure the well-being of their staff and constantly seek ways to make them feel safe at work. Staff members are essential to every business, so it is vital that leaders are always putting their well-being first.
Leading a business is not an easy task, especially through such unprecedented times. However, by building a relationship of trust and confidence with your staff members, you can work together to find solutions and keep your organization afloat. At BTA, we are always looking for ways to help business owners with the challenges that come with being a leader. Please feel free to contact us at firstname.lastname@example.org if you have any questions or concerns about your own organization. We are here to help.
We are business owners and advisors that offer consulting services to entrepreneurs. Working hands-on, we help develop and implement effective strategies that increase business value, growth and profitability, to prepare for the future.