Leading Through Crisis: How to Survive and Thrive

In this guide, we consider the key changes at play, and what you can do to lead your business through times of crisis.

While major disruptions can be key drivers of workplace change, it's critical for business leaders to harness a proactive approach and lead the change. This means not only reacting to sudden, unexpected changes, but also taking a longer-term view by pre-empting change.

Adopting a proactive approach can create a more resilient business that not only responds better to change, but also takes advantage of opportunities that arise along the way.

To adopt a proactive approach and successfully manage change, it's important to keep across developments in areas like:

• Technological advancements
• Government announcements
• Regulatory changes
• Trends in international markets
• Workplace and employment trends
• Competitor movements

Workplaces across almost every sector continue to experience rapid change. Some of these changes have been accelerated by recent events, while others are emerging trends that reflect evolving expectations.

Here are some of the key changes taking place:

One of the most transformational shifts we've seen is the changing attitudes to employees working from home. While some forward-thinking organisations had already embraced flexible work arrangements, recent years have seen businesses of all sizes forced to adapt, with employees required to work remotely and in new ways.

This has created a huge shift in the way we work and live. Major corporations have embraced permanent hybrid work practices, prompting employees to reconsider where they live and work. This has had flow-on effects including changing property markets, shifting demographics, and evolving lifestyle expectations.

Leadership teams are now faced with challenges like managing the communication, culture and productivity of a workforce that is largely remote. Some of the ways you can overcome these challenges include:

• Diarising check-ins – even just 15 minutes in the diary, once a day, gives you the chance to drive the culture and communicate with your team
• Leverage technology – set up channels in chat software, such as Slack or Microsoft Teams, for work tasks as well as celebrations and chit chat
• Schedule in connection – consider a team lunch break or a team building activity via video conference

Diversity and inclusion are crucial to running a business, particularly with ongoing environmental, social and governance (ESG) initiatives. With customers and investors demanding socially responsible business practices, diversity and inclusion are vital.

Research consistently shows that diversity and inclusion are at the top of the priority list for organisational leaders. Actions you can take as a leader include:

• Ensuring diversity and inclusion are embedded throughout recruitment, retention and promotion policies
• Establishing formal policies and aligned KPIs to drive inclusive behaviour
• Creating mandatory diversity and inclusion metrics when going out for tender
• Developing viable incentives for employees to live these values outside of the workplace

The spotlight on mental health and wellbeing has never been stronger.

Modern workplace challenges, including uncertainty around financial security, employment stability and rapid change, can contribute to feelings of stress and anxiety. At the same time, traditional buffers like social engagement, physical exercise and routine can be disrupted during periods of change or crisis.

Managing the mental health and wellbeing of your workforce is a crucial part of leading through uncertainty. You can do this by:

• Building social connections. Make time for non-work conversations. Allocate one-on-one time to check in. Create chat groups or virtual communities where people can connect. Encourage safe connection for employees who may live in the same area
• Communicating clearly. Keep staff informed. Use plain English and factual statements to avoid any misunderstandings. Make the main communication channels clear. Invite feedback
• Establishing expectations. Provide clarity on how performance will be measured. Account for the blending of work and home. Encourage employees to set and communicate their boundaries and work routines

Leading through ambiguity is never easy. Now that we've explored emerging trends, here are our top tips for leaders:

When leading through uncertain periods, it's vital to keep across the latest developments that impact your business. In times of crisis, it's common for biased or incorrect information to spread—so it's important to find credible, reliable and trustworthy sources.

Turning to your network can be one of the best ways to get across the latest trends, challenges and opportunities. Consider peers, industry contacts and regulators as valuable connections to nurture.

Management teams need to provide the tools for employees to adapt, while considering employees who may be less-equipped to deal with change. This might involve providing technical support, such as new software, or emotional support, such as running health and wellbeing programs.

To help your business adapt to change, you'll need reliable sources of working capital. This will help to fund your current growth plans, as well as any unexpected expenses that may arise from potential disruption.

Finance options like Trade Finance, Debtor Finance or an Octet Term Loan can give you cost-effective, flexible access to cash flow, and help to support your business during change.

If there's one key lesson business leaders must embrace, it's that change is the only constant.

We may face periods of unique or intense change, but nothing ever stays the same. Being prepared for ongoing change is vital for any effective leader. Be proactive, and pre-emptive, so that no matter what challenges arise, you and your business are prepared.

Looking for flexible finance to support your business and prepare for change? At Octet, we can help. Reach out today to find out more.