All hope for CEO: How to make decisions in times of self-isolation

Today, being a CEO is something from the category of being a front-line commander during the fighting. I mean, the responsibility, in the literal sense, for the well-being and lives of employees, as well as their families, lies with the CEO. Under quarantine conditions, when you don’t see the whole picture, but it doesn’t deprive you of responsibility when you have to analyze tons of information in order to at least try to predict the outcome of your actions and decisions during complete chaos and uncertainty, a large burden lies upon the CEO, and fatigue and stress with it.

Now each CEO should pause and ask himself a few key questions. What can you do now – besides the “just wait” recommendation? How to get the most out of the crisis? How to make decisions that will take you as a leader to a new level? Heroes are born not in times of peace and tranquility, but in difficult and dangerous periods.

Today we will talk about the “formula” for the CEO. This knowledge allows you to make the right decisions in the face of uncertainty and global chaos. So, let’s begin:

Item No.1

Take a break. A short break in the eternal flow of chaotic thoughts to ask yourself 3 main questions:

  • What do I know about the situation?
  • What do I still not know about the situation?
  • How to look at the situation from a different angle?

This may seem counterintuitive when time is everything, but take a step back, look at the situation from the side, and allow yourself to present the prospects and consequences of decisions more clearly. Take a deep breath and move on.

Item No.2

If you are young and not very experienced, then, like never before, you need the help of business sharks seasoned by crises. Surround yourself with such people. It can be not only businessmen, but also experienced employees who survived 2008, 2014, and most importantly, have a positive experience of surviving the crisis situations.

All crises – economic, political, national, global – have much in common. The endurance and strength of character of the people in your environment, perhaps, like nothing else, will create additional chances for your managing the crisis.

In times of turmoil and instability, “Winston Churchills” should be in your closest circle, not “Neville Chamberlains”.

Apparently, for Ukrainian CEOs, it would be a good idea to single out a group of people with the task of generating ideas in new directions — sectors — industries — niches — products for their companies.

Address the most diverse people inside and outside your company: analysts, strategists, marketers, heads of individual business lines, suppliers, lenders, consultants, mentors. Ask them how, in their opinion, the company should take advantage of this crisis in order not only to survive but also to gain power.

Item No. 3

Bring the results of the two previous steps to life. Act (and take risks) – the solution is followed by its implementation.

Unprecedented crises require unprecedented action. Lessons from past crises show that CEOs are more likely to be under-doing. Bold and quick action is needed that at normal times seem too risky. Literally with a shield or on a shield.

Besides, you, as a leader, must tune your people and your environment to this wave. Now the statement “one in the field is not a warrior” sounds like something from the realm of fantasy. In difficult times, the support of the team is very important.

Your people should have the same attitude – for action, not for conversations and endless analyzes and discussions.

The walking will overcome the road. I wish you success in crossing the troubled waters of the crisis! See you on the other side!