FMC LEARNING SERIES 2020 BUSINESS LEADERSHIP ROLE & SURVIVAL IN CRISES OF COVID 19 Presented by FaisalMALIK
THE SITUATION What happened recently with the global pandemic was well documented and is readily available for minute - by - minute update . Efforts by all government ministries to mitigate the spread , and alleviate the public of their miseries are applauded . SMEs business owners are greatly affected by the crises particularly their cashflow situations and sustainability . Government stimulus package do provide some relief , but moving forward , good business leadership are more critical .
Technically, what does the company do? 1- Manage your cash flow 2- Perform financial health check 3- Revise budget 4- Observe Statutory reporting 5- Engage and Negotiate with stakeholders 6- Re-visit critical operation 7- Perform stress test, scenario planning. 8- Develop mitigation strategy 9- Perform analysis - Financial, S.W.O.T, BMC, O.S.T.T, Management and Risk Analysis. 10- Others
BUSINESS BUSINESS BUSINESS LEADERSHIP LEADERSHIP LEADERSHIP AT ROLES IN GLANCE WORKPLACE BUSINESS LEADERSHIP IN ACTION
WHAT ARE YOUR LEADERSHIP APPROACHES , LEVELS , & ROLES ? WHAT ARE YOUR ORGANISATION CULTURE ? HOW DO YOU REACT WITH PRESENT CRISES ?
LEADERSHIP - APPROACH Leader Follower (Team) Characteristic Characteristic
LEADERSHIP - LEVEL John Maxwell 5 level of Leadership . Umar Ibni Khattab the 5th most influential persons in history by Micheal A Hart (American astrophysicist)
BUSINESS - CULTURE Degree of Risk Associated with the Company's Actvities Bet-Your-Company Tough-Guy, HIGH Macho Culture Culture Process Work Hard/Play Hard Culture Culture LOW SLOW FAST Speed of Feedback from the Market Source: Strategic International Management by Dirk Morshett
BUSINESS LEADERSHIP ROLE For SME business leaders it is imperative to evaluate their positions and start to think on 2 key areas. One, what can be done immediately to keep their present business stay afloat, and two, strategic plans to sustain the business further. Business as usual may take different meaning after this. Remaining active and be relevant in the midst of this crisis takes great leadership ability, insight and strong determination. This not only affect their livelihood, but that of their employees and their families. Question is, what are the qualities of leadership it takes to steer companies in times of crises? Typically, traits such as intelligent, charismatic, analytical skills, and confident are important in building a well-grounded leader, but in challenging times leadership calls for greater commitment and resolve. Some other qualities are discussed below.
PARAMOUNT THE NEED TO BE CREATIVE •Creative entrepreneurs observe people’s problem, and seek creative solutions that bring value , over and above the traditional solutions . •Creative entrepreneurs observe people’s problem, and seek creative solutions that •Entrepreneurship is driven bring value , over and above the by creativity & innovation. traditional solutions .
PARAMOUNT THE NEED TO BE CREATIVE Source: EDII Entreprenurship Institute, Babson US
Being honest is to convey the information correctly in the proper context. This calls for 1 . 0 being transparent in stating it realistically to help build credibility for the leaders. Employees are more responsive when being honest to and The need even provide creative solutions, start to think outside the box in solving problems. Leaders to be need to be sensitive not to overdo or stroke fear and unease among the employees in the honest . organization. Mind Gym: Muhammad PBUH, No.1 most influential persons in history by Micheal A.Hart (American astrophysicist)
2 . 0 Be Empathic Employees need to feel belonged as part of the bigger organization. This inspires employees and motivate them to go the extra mile in making contributions to the organization. Employees emotions may be unstable with news media running up the business downturn and impending recession. Important for leaders to be empathic, take control, offer assurance and start talking to the employees and see them as individual people. Tell them that they are part of the solutions and that you care for them. Mind Gym: Gandhi, The Economic Justice
3 . 0 Be Decisive Be able to sum up the situation quickly and make tough decisions that may be unpopular. Evaluate the facts and information, take calculated risk and decide the next course of actions. Leaders learn from mistakes, monitor situations closely, and act systematically. They are adaptable and open to make new decisions to mitigate situations and take remedial actions. The cost of doing nothing is nothing, but at the expense of the business. Mind Gym: Digest Kenichi Ohmae, The Mind of Strategist (Tsun Tzu Art of War)
4 . 0 Project Confidence The employees look up to confident leaders they can depend upon. Leaders need to be alert in the mind, be self-aware, be resilient, and keep a positive outlook. They become stabilizing factor in times of stress and uncertainty. Crucial not to mislead, overpromise, overoptimistic or project insecurity.
5 . 0 Leaders need to communicate frequently in a Communicate , structured manner and listen to the audience, Communicate , i.e. internal and external parties, employees, investors, board members, vendors, the Communicate . customers and the media. Important for messages to be clear, concise, timely, focused and addresses the issues at hand. Listening to their stakeholders will bring the issues in proper perspectives, provide relevant data and evidence to the informed audience to make the right decisions.
LEADERSHIP AT WORKPLACE POINTERS . As they say in times of crises “This too shall pass” underscore the temporary nature of the challenging times. This, in the hope that the organizations and the employees emerge stronger, resilient and more robust once it’s over. It is imperative the employees are well prepared to “rough” out at the workplace, begin to focus and determined to see an end to the chaotic situations.
LEADERSHIP AT WORKPLACE 1- Open Communication 2- Coaching Approach 3- Do More 4- Empowerment 5- Continuous Learning
To Conclude , Leadership in times of crises demand new ways of thinking . If you continue to do what you did , you ’ ll likely get the same results . Covid 19 inevitably set new meaning and outlook in leadership business practices . Importantly leaders need to be alert and ready to adapt to new business order after this .
HOPE
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