Best Practices for Navigating the Coronavirus Crisis

Over the past few days I’ve had dozens of conversations with our CEO members as we all navigate uncertain times.  Decision making has never been more important. Some businesses have been immediately and severely impacted. Others are able to continue by taking it day by day.  We are facing uncharted territory and need to work together to support, help and care for each other. This is what Vistage is and there is no more important time for us to come together.  The following is a list of ideas I have taken from our CEO community. I hope you find value in them and let me know how we can help you.

• Now  is the time to lead.  Be the CEO and balance compassion with clarity

• Over communicate.  Keep your team informed and be available to answer questions

• Keep routines in place, meetings, 121s, L10s and huddles

• Be clear with expectations;  Roles, responsibilities, timelines, reporting

• Set virtual meeting expectations.  Timing, dress (no pajamas!), agenda, camera on, expected outcomes

• Establish “work from home” boundaries.  Work hours, check ins, meeting attendance, reporting

• Make people feel safe in the office environment.  Visible cleaning supplies, hand sanitizers, social distancing 

• Prepare your employees to work from home.  Ensure your team is equipped to meet virtually.  Laptop or iPad, wifi connection, workspace

• Be calm, patient and empathetic.  Understand each person will deal with this differently.  Follow economic data and research

• Leverage all available resources.  Including local, state and federal assistance, technology and most importantly, your Vistage community

• Understand the impact to your industry and company.  This crisis is different than those in the past. 

• Capture what’s working now and what you could have done better.  Journal these ideas for better best practices in the future

• Include employees' families in communication if possible.  The uncertainty extends to them as well. Keeping them in the loop will increase retention in turbulent times

• Cut all “comfort costs” and anything deemed unnecessary.  Be cautious to cut people or other assets you may need back sooner rather than later.  Find cost saving ideas at www.tomcuthbert.com/costcutting 

• Be ready for when the clouds lift.  This recovery could come far more rapidly than others.  Successful businesses will be prepared to regain momentum and take market share coming out of this crisis.

• Don’t overlook the opportunities.  Not all businesses will weather the storm.  Opportunity will exist for acquisition and partnership.  Additionally, new products and services will be needed. Now is time to invest in people, identify “blue oceans” and plan for what comes next.  

Tom Cuthbert