Business recovery from COVID-19: A Guide for Board Members
As boards steer their companies through the COVID-19 recovery journey, they can use the Resilient Leadership framework to guide them.
Key questions to ask management include:
Resilience as a way of being
- What have we learnt to incorporate into the business permanently?
- What silos were broken down during our initial response and how can we make them permanent?
- Where did we find our operating model was unable to handle the crisis?
- What other changes to the business model are implied by the crisis?
The mindset shift: From today to tomorrow
- Situation and Management: Is the tone shifting from crisis management to interim-term programme management?
- Focus: Has the company pivoted to a market-facing focus?
- Planning: Are scenarios being considered and how they are impacting the Recover plan?
- Attitude: How are we reinventing the business? What new business models need to emerge?
The only certainty is … uncertainty
- What is the impact of the five uncertainties on the Recover plan and future?
- Changing social contract
- Changing roles and rules of institutions
- Unpredictable cash resources / capital needs
- Permanence of customer / consumer behaviours changes
- Changing expectations for physical, emotional, financial, digital safety
Trust as a catalyst of recovery
- How has trust been built up (or deteriorated) in the organisation during Respond?
- Where/how does trust need to be further built to enable the Recover plan?
Anticipate the destination
- At end of Recover:
- What does “success” look like?
- What is the expected timeframe for “Recover”?
- What are the critical factors which would modify the timeline?
- What impact will each of the five “uncertainties” have on the destination?
- What are the other “unknowns” which could modify the timeline?
- How has management answered each of the core strategic questions related to stakeholder outcomes?
- Is the Recover PMO team equipped and resourced? Are responsibilities defined?
The Board’s journey through Business recovery from COVID-19