Business leaders have lately grappled with this question a lot; many still are.
Their hearts and minds are conflicted.
They care about their staff and don’t want to let them go..
But, if they don’t, the business may not survive.
Here’s are five steps I suggest:
- Take advantage of as many government incentives as possible to improve cash flow and reduce business impact;
- Review core assumptions of your business strategy. Is it viable during and post-COVID-19?
- Pivot if necessary, and do so quickly;
- Identify staff that do not align with the business moving forward;
- Say goodbye to staff to a level that sustains business and not for the sake of just making more money.
If you’re a leader in a business impacted by COVID-19, what would you do?