When running their businesses and pushing their organizations forward, business leaders often face a mountain of challenges. Overcoming these challenges requires unique abilities and well-thought-out strategies. The COVID pandemic has amplified these challenges, forcing business leaders to dig deeper to come up with solutions. Let’s look at some leadership challenges magnified by COVID.
Many businesses have already felt the social and economic impact of COVID 19. While many expect things to look up in 2021, some businesses are likely to take a hit as more potent strains of the virus emerge. The pandemic has not been a thorn on the side of all businesses. Some businesses have experienced a sudden surge in demand and growth.
However, whether the business is thriving or struggling, business leaders have to make crucial decisions that affect many people. They have to rely on conflicting or incomplete information to ensure their businesses pull through this period of uncertainty, anxiety, and pain.
Even with the development of a vaccine, business leaders are struggling to build and maintain morale among their team members. Besides the increased uncertainty brought by the emergence of new strains, leaders have to address burnout in their teams. Meanwhile, team members face multiple stressors at home and the pressure to perform.
Promoting and maintaining growth is challenging and even more so during a pandemic. In an attempt to drive growth, business leaders are forced to get a deeper knowledge of their market. They also need to consider their customers’ wants, needs, and behaviors, all influenced by the pandemic’s social and economic impacts.
Businesses are going out of their way to transform and innovate to match new needs and stay afloat. To promote growth, they have to come up with new products and services, rebuild opportunity pipelines, re-engage customers and tailor messages to reflect the new reality.
The pandemic has redefined the workplace. Besides worrying about when other team members will return to the office, business leaders also grapple with how to do it. While redesigning the workplace to prioritize physical health and safety concerns will be top on the list, leaders are also worried about members looking to continue working from home.
Although working from home has been linked to increased cases of depression and suicide in some developed countries, a significant portion of the workforce has found working from home more suitable. To hold on to the team’s key members, leaders will have to come up with a hybrid workspace model.
Making the best critical decisions requires a leader to have access to crucial information, tested strategies and a supportive team, among other things. A pandemic interrupts these systems and can disrupt an organization’s operations. Fortunately, through our expert guidance, we can help business leaders overcome these challenges and move their organizations forward. Contact the ArtScience Group to learn more about how we can help your business survive and thrive during these hard times.