Nicholas Fainlight is an aspiring finance professional.

Tag: covid-19

Hard Won Lessons from the Pandemic

The recent pandemic has had a significant impact on the global population. The most-affected countries have seen their economies shrink and populations dwindle due to the virus. But not all countries were affected equally. Some managed to recover from the pandemic.

The Hard-Learned Lessons From Businesses That Survived the Pandemic

1) Keep an eye on the bottom line – A company’s priority is always profit. Still, it becomes even more important to focus on the money coming into and going out of your business in times of crisis. It’s imperative not to lose sight of financial management during periods of crisis because doing so can lead to bankruptcy if things worsen.

2) Businesses can take advantage of political shifts. During times of crisis, governments may be more open to partnering with businesses or providing incentives for companies to implement better practices to boost economic health. Governments may also offer tax breaks or other incentives for companies that invest in areas like renewable resources.

3) Grow a solid customer base – One key lesson from businesses that survived the pandemic was how important it was to have a solid customer base. Many companies that could recover did so because they had loyal customers willing to put up with shortages and difficulties to continue supporting their favorite brands.

4) Diversify your portfolio – Most people are only familiar with “survival” strategies for making it through tough times. Still, this pandemic taught us that different designs are necessary for recovering from a disaster, too.

5) Keeping your employee’s morale high by taking care of them as they care for you. It is important to do your best to keep them healthy in their workplace.

6) Prepare for the worst. The Covid pandemic was swift and sudden. Though it would be challenging to prepare for an event like Covid, it is possible. Think about what you need and what you would want if the situation arose.

Businesses that recovered from this disaster took a variety of approaches. Some diversified their portfolio by expanding into new markets or investing in renewable resources; others used social media campaigns and advertising campaigns as ways to get their message out and grow sales even when they couldn’t.

3

Remote Leadership Mistakes

Just when you think you have the whole leadership process figured out, a pandemic completely changes everything. Today, instead of face-to-face interactions, you are forced to conduct meetings and catch-ups on video calls. The most important thing is adjusting to the situation and learn how to motivate and manage your team remotely. Understandably, there are new skills you will have to learn. However, many leaders are continuously failing their remotely-working teams by making the following mistakes:

Lack of clear priorities, goals, and directions

As a team leader, you have to set clear priorities and goals to improve team performance. It’s not easy to do this remotely; however, ensure you review your team’s priorities and goals from time to time. An effective team will quickly outline goals, and a good leader will give team members clarity on their roles. Use virtual meeting platforms to update your team about any changes and hold catch-up meetings regularly.

Being Extremely Rigid

Today, most managers are tracking team members’ hours and monitoring daily activities to determine if the employees are working the agreed number of hours per day. Everyone can benefit from a flexible work schedule. Having a better integration of personal and work life can lead to a healthier, more productive, and happier team. As a leader, you should stop micromanaging and tracking how many hours an employee has spent on their screens. Instead you should focus on their daily achievements Give your team some space to breathe and don’t be so rigid. They know what works best for them.

Unproductive collaborations and communication

When working face-to-face, most collaborations and communications take place through informal conversations and interactions. However, this is not there with virtual teams. You need to find ways to foster better communication. The best option is to take advantage of online conferencing platforms such as Zoom.

Unconstructive, inconsistent and non-existent feedback

Giving employees feedback will motivate and improve their performance. It also keeps the team members satisfied since it shows you have their best interest at heart. Be consistent, offer suggestions on how they can improve, and coach them. Let your team learn from you, accept their feedback, and act on it. You can offer frequent feedback to your team through short video calls and creating one-on-one time with individual team members.

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