COVID-19: Why business leaders need to overcome difficulties and chart a new course

One may call it – learning times, tough times, challenging times or a period for growth, but no one could’ve imagined how coronavirus pandemic would play out. The twisters of COVID-19 have struck at the root of the global ecosystem and are structurally altering how one approaches the way of life.

We have unprecedented challenges and in the fight for survival and growth, business leaders are facing the ultimate test of their mettle.

There is absolute chaos all around us, and it is in this cauldron that ideas emerge, which have the potential to alter the course of humanity. We need patience, foresight, clarity, empathy, and courage.

If anyone would dare compare the current situation to that of the 1997 Asian financial crisis or the 2008 global economic meltdown as the seminal events in the recent history, which tested the immunity of global businesses, it is like throwing a feather down the Niagara Falls and expecting it to have a smooth sail.

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Business leaders are constantly adapting to new challenges

An entirely new situation inhibits what precise step has to be taken. The crisis of the past pale to the enormity of this crisis. There is no precedence on how to react in such a flux and we as leaders have had to step forward led by our agile instincts, ensuring that our people, our communities and our business stay above the waves.

These are remarkably challenging times and it is heartening to see how business leaders are constantly evolving and adapting to new challenges.

It is important that business leaders are transparent yet supportive, trusting, flexible, and optimistic, and should empower teams to do their best work autonomously. Create a sounding board with your teams and clients and ensure that the trust is built further.

Having clarity in a murky foreseeable future, employee empowerment which is driven by purpose, and dovetail experiences of teams to forge strategies is vital.

Businesses truly never stop

Businesses truly never stop. The demands of an entrepreneur have not slowed down in a lockdown. All eyes have in-fact been more fixated on the entrepreneur. How are they going to progress through the phase? Can they be counted on? Are they making long-term thought-through decisions?

It has been very expensive for families, the human race and the global economy. If we don’t come out learning from it, what a distressful loss it will have been.

In fact, even the customer is looking at the entrepreneur to make it a better day for them. They have and are absolutely understanding of the time, but they are delighted and rejoiced when the entrepreneur takes bold steps and changes to bring in new things, a change for the better. We count it a privilege to add that joy to a customer, directly or indirectly.

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Think and work differently

The COVID-19 situation has demonstrated strong possibilities in a very difficult scenario that has challenged us to think and work differently.

There is a need to advance the use of technology in every phase of business. By keeping your eye on the horizon, investing in innovation where you can, and committing to your employees, you’ll be able to come out even stronger.

If there’s one most important lesson this pandemic has taught us, it’s to seize the opportunities presented to us and use the new learnings to adapt to the new normal. We cannot afford to miss tapping all these opportunities to make ourselves a more humane, sensitive and kinder society.

Remain positive

As a leader, you are sometimes your best motivator. Doing things for others is an adrenaline rush we should always work with. Remain positive. We must remain firm in our strategy and show confidence in our country, its inhabitants and investors and in our resilience. 

The characteristics of this unique country are still here. Our people, our culture, our gastronomy, and our security is here and valued. Our resolve is to progress as part of our responsibility to our country and its citizens.