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'War room' set up can help firms lead through COVID-19 crisis
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SME Times News Bureau | 08 Apr, 2020
As businesses across the world find themselves in the midst of complex
challenges due to the COVID-19 pandemic, experts suggest that having a
robust strategy, including a "war room", set up in which a small
dedicated team is empowered to take quick decisions and execute them,
may help businesses sail through the crisis.
As the situation is
changing every day in every region affected by the pandemic, business
leaders should resist from overreacting, said three senior executives
associated with the Boston Consulting Group.
Writing for the
Harvard Business Review, the authors said that relying only on news
reports can sometimes lead to wrong decisions as these reports often
rely on current situations and tend to miss the big picture.
Further,
business leaders should not be afraid to change their decision if the
situation demands so, according to the authors of the article Martin
Reeves, Nikolaus Lang, and Philipp Carlsson-Szlezak.
It is
important to remember that these are extraordinary times and business
leaders may sometimes need to change their decisions.
At the same
time, they should be transparent with employees about the situation in
their organisation, the response should be balanced across
communications, employee needs, travel, remote work, supply chain
stabilisation, and business tracking and forecasting.
It is
important to have constant updates about the situation and do their own
analysis. They should decide for themselves if the forecasts made by
experts are actually relevant for their business as well and take
decisions after considering all the factors.
While employees work from home, it is important to set clear rules for them for getting maximum productivity.
Having
an empowered small group within the organisation may help them cut
through delays due to bureaucracy and take quick actions.
Most
importantly, business leaders should take this crisis as a learning
opportunity for any possible future phases of the crisis or for
pandemics that may occur in the years to come.
Over 1.4 million people have been infected by COVID-19, while more than 80,000 have already died.
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