While dealing with this unforeseen event, without wasting time on WHY aspect of the situation, CEOs have quickly changed their style as how they lead in pragmatic and intuitive ways. As they say “necessity is the mother of innovation’’ The changes may have created necessity and eventually necessity came up with great potential beyond this crisis. The Biggest Challenge that Prem Prakash, CEO at CapitalVia Global Research Ltd believes most of the CEO’s would have tried dealing with are :
- What should one do the set goals ?
Revamping the set goals – The first question that came to my mind while preparing to take on this challenge was ;can we revisit the goals and set smaller goals out of it? of course the SMART ones . The idea is toachieve it and move forward. We were all tirelessly pursuing our goals when this disruption hit. An unforeseeable, external challenge has suddenly changed everything, with implications ranging from the obvious health issues to the emerging financial difficulties. Furthermore, there are still social consequences expected to arise in the next few months.
In a situation where everything; from employees safety to government policies, quick action plans to sudden implementation of curfews, from drop in supplies and surge in demand for daily needs, everything is uncertain, I believe, most of the CEO’s would have bifurcated their overall goals in few small term milestones, on day-1 itself. Ensure that you go that extra mile to meet your objectives
- What do I do with the reserves ? How long will it last ?
Generally, reserves are created to take care of exigencies which are unforeseen in nature. Situation like pandemic, has never been a part of planning in corporate world. Therefore, using the reserves judiciously should be the on the top of the priority list. Keep your reserves untouched should be the strategy out here.
- How would the future look Like ?
Your today’s team and resources, may not be the same for tomorrow, so look for alternatives and keep exploring it.
This is a very important aspect. Pandemic came with enough uncertainly and fear within the minds of resources like human capital, suppliers and contract agents. Its imperative that one should look at building a pool of options and alternatives. This would reduce the chances of missing out on time and opportunity in future.
- Shall I Cut costs, forget about luxury?.
If not cost, at least cut the corners. This would be a year for survival and we should ensure that survival should be the key objective for the next 15-18 months. One can always bounce back if he ensures that his business survives with bare minimum resources. ‘Nothing lasts for ever, and this would pass as well’.Work for survival for at least the next 18 months
If these corrective steps become permanent, these shifts hold the potential to thoroughly recalibrate the organization and how it operates, the company’s performance potential, and its relationship to critical stakeholders. Its important sense an opportunity to lead in a new, more positive and impactful way. If majority of leaders embraces and extends what they have learned during the pandemic, this moment can become a new normal and a movement of its own nature, may be first of its kind. In Mr. Prakash view, CEO’s should quickly decide on size, scale, context and design a thesis of transformation that he/she would to make during this crisis. We were all tirelessly pursuing our goals when this disruption hit. An unforeseeable, external agent has suddenly changed everything, with implications ranging from the obvious health issues to the emerging financial difficulties.
Furthermore, there are still social consequences expected to arise in the next few months.
As many of my colleagues from across industries, believe that, this will be a true inflection point in terms of implications, will be as big an event as World War II. The learnings should not go waste.
Remember: “Whenever there is a challenge, there is also an opportunity to face it, to demonstrate and develop our will and determination.” – Dalai Lama
- Prem Prakash, CEO CapitalVia Global Research Limited