07/08/2020
Small businesses are the heart of our economy and they are the most vulnerable during this COVID-19 crisis. As CEO & Managing Partner of Insight Strategies, Inc., Teri Fisher is known for integrating theory, expertise, and real-world business practices into her engagements and helping businesses through even the worst of times.
Ms. Fisher is also a consultant, executive coach, author and speaker.
I had the opportunity to interview her recently. I asked her to share her proven eight-point transformation plan :
1. Over-communicate. In times like this, there’s no such thing as over-communicating. What we often see is an emphasis on external communications, marketing, and branding while internal communication is an afterthought and therefore rises to the top as a major issue. In one of our recent client surveys, better communication was the number one most desired need during this crisis. One respondent said, “Our department head sits in his office with the door shut…all day. Offers no support, no guidance, no positive reinforcement.” When employees are feeling alone, disappearing as a leader is not an option. Soliciting employee questions often, listening with intent, and responding with truth is crucial.
2. Support Your Troops. To make it through these turbulent times, a company’s active workforce is their lifeline. According to our client survey, businesses’ top two greatest leadership challenges during the COVID-19 crisis have been addressing employee fears/concerns and motivating employees to continue their work. To address employee fears and concerns, leaders should be checking in often, listening, and of course, providing access to employee assistance programs, if they’re available. To keep employees motivated, employers should focus on what can be done versus what can’t be done.
3. Think Beyond the Crisis. With the COVID 19 impact seemingly taking up all our mental space, thinking beyond tomorrow seems inconceivable but organizations must. Organizations must envision their future state as it transitions out of this crisis and enliven teams to join in this effort. What needs to happen now to better position the business later? It’s like a rose bush—what pruning needs to happen now for full bloom later?
4. Don’t Allow Fear to Win. Fear can swallow a company’s vision. During this time of uncertainty, companies must stay true to their vision, mission, and values while pivoting to their customer’s changing needs. While customers may feel compelled to put a moratorium on previously scheduled business, companies that can re-pitch or re-package their offerings to align with customers’ current needs are more likely to be successful. Leaders who demonstrate agility – and expect the same from employees – will in the end, be the winners.
5. Let Go of What Was. This moment in time will forever change one’s business in some way, if one allows it. It’s one thing to experience how this situation is changing and reshaping the business model, products, services or approach but unless and until a leader releases what’s been built thus far in some way, it won’t leave room for true innovation to occur. History is a great teacher, just look at the typewriter, switchboard, VHS, Blockbuster video.
6. Always Be Kind and Respectful. Right now, organizations and leaders are in the spotlight for how they are handling this highly sensitive and tumultuous time. If mishandled, it could be damaging to not only their reputation and brand, but with employees who remain onboard who are watching every decision, reaction, and response. How do leaders want current staff and contractors to describe their organization and leadership during this time? Whether someone stays or goes, what will they be saying to others about the organization? How a company deals with crisis and the human element associated with what will likely be one of the toughest economic and personal moments in our time, will affect how they bounce back and the reputation they wish to preserve.
7. Spark Innovation. Creative cost cutting is essential and yet, investing equal time and energy on expansive thinking and new ideas creates forward momentum and employee inspiration. Look at General Motors’ response to lagging automobile sales through the crisis—they’re making ventilators! Encourage staff to participate in both problem-solving and future-casting. By harnessing ideas of the team, it not only fuels creativity but creates a sense of control over the future, ownership in what happens next, and motivation to persevere, and leaders will earn trust, respect, and credibility in the process.
8. Find New Client Solutions. Even if the business is hurting, what can be offered to customers and clients, right now, that will help them in some unique way? Pay it forward. A good gesture will likely lead to increased loyalty. Businesses can also join forces with other businesses by partnering on a project, trading services or products that provide beneficial gain to each respective business, cross-promoting and marketing that taps into the other’s customer/client base.
Teri concluded with this beautiful story: There’s a centuries-old Japanese art form called Kintsugi which centers on the repairing of broken pottery and patching its imperfections and cracks with gold. This art form is based on the philosophy that the pot’s brokenness actually enriches the pot, mends the scars with new life and allows it to emerge as more interesting and beautiful. That’s what this time can be about—collecting the broken pieces, rebuilding, and emerging elegantly transformed.
Official Interview Link: Click Here
