ARTECULATE
No Result
View All Result
  • News
  • Premium
  • Features
    Fortude | Diversity | Great Place to Work

    A Decade Later: Fortude Continues To Spearhead Initiatives for an Inclusive Culture Where ‘Everyone Belongs’

    Anycover Insuretech eCommerce Singapore

    How Singapore-based Startup Anycover is Reinventing Extended Warranties

    Creative Software

    22 Years of Resilience and Growth: Inside Creative Software

    Surer Insuretech Singapore

    How Surer is Uplifting the Singaporean Insurance Industry

    Klaytn | Web3 | Asia | Blockchain

    Klaytn is the Web3 Gateway to a New Creator Economy in Asia

    PickMe Digital System Fuel Sri Lanka

    Prevent Cities from Becoming Ghost Towns: A Transparent Digital System for Fuel Distribution

    Aman health insurance Indonesia

    Indonesia’s Aman is Helping Companies Streamline their Employee Benefits

    Axiata Digital Labs: Forging Ahead With A New CTO

    Axiata Digital Labs: Forging Ahead With A New CTO

    BISTEC Sri Lanka

    Inside BISTEC Global: A People-First Approach that’s Empowering Global Businesses

    Where are they now?  John Keells X Startups Catapulted to Success

    Where are they now?  John Keells X Startups Catapulted to Success

  • Startups
  • Events
  • Hotpicks
  • Community
    Unlock The Secrets of Startup Funding with Founders Institute Sri Lanka

    Unlock The Secrets of Startup Funding with Founders Institute Sri Lanka

    The RiskSense Story: Building a Cyber Security Product

    The RiskSense Story: Building a Cyber Security Product

    Negotiating to Thrive – Lessons from a Hostage Negotiator

    Negotiating to Thrive – Lessons from a Hostage Negotiator

    First wildlife travel-based management lessons book by Sarath Perera to be launched

    First wildlife travel-based management lessons book by Sarath Perera to be launched

    Hack:bit 2020 is bringing the ideas of students and undergraduates to life

    Hack:bit 2020 is bringing the ideas of students and undergraduates to life

    ESCaPe 2020: University of Peradeniya’s Engineering Students Conference

    ESCaPe 2020: University of Peradeniya’s Engineering Students Conference

    Trending Tags

    • Contributor
    • Billboard
    SUBSCRIBE
    • News
    • Premium
    • Features
      Fortude | Diversity | Great Place to Work

      A Decade Later: Fortude Continues To Spearhead Initiatives for an Inclusive Culture Where ‘Everyone Belongs’

      Anycover Insuretech eCommerce Singapore

      How Singapore-based Startup Anycover is Reinventing Extended Warranties

      Creative Software

      22 Years of Resilience and Growth: Inside Creative Software

      Surer Insuretech Singapore

      How Surer is Uplifting the Singaporean Insurance Industry

      Klaytn | Web3 | Asia | Blockchain

      Klaytn is the Web3 Gateway to a New Creator Economy in Asia

      PickMe Digital System Fuel Sri Lanka

      Prevent Cities from Becoming Ghost Towns: A Transparent Digital System for Fuel Distribution

      Aman health insurance Indonesia

      Indonesia’s Aman is Helping Companies Streamline their Employee Benefits

      Axiata Digital Labs: Forging Ahead With A New CTO

      Axiata Digital Labs: Forging Ahead With A New CTO

      BISTEC Sri Lanka

      Inside BISTEC Global: A People-First Approach that’s Empowering Global Businesses

      Where are they now?  John Keells X Startups Catapulted to Success

      Where are they now?  John Keells X Startups Catapulted to Success

    • Startups
    • Events
    • Hotpicks
    • Community
      Unlock The Secrets of Startup Funding with Founders Institute Sri Lanka

      Unlock The Secrets of Startup Funding with Founders Institute Sri Lanka

      The RiskSense Story: Building a Cyber Security Product

      The RiskSense Story: Building a Cyber Security Product

      Negotiating to Thrive – Lessons from a Hostage Negotiator

      Negotiating to Thrive – Lessons from a Hostage Negotiator

      First wildlife travel-based management lessons book by Sarath Perera to be launched

      First wildlife travel-based management lessons book by Sarath Perera to be launched

      Hack:bit 2020 is bringing the ideas of students and undergraduates to life

      Hack:bit 2020 is bringing the ideas of students and undergraduates to life

      ESCaPe 2020: University of Peradeniya’s Engineering Students Conference

      ESCaPe 2020: University of Peradeniya’s Engineering Students Conference

      Trending Tags

      • Contributor
      • Billboard
      No Result
      View All Result
      ARTECULATE
      No Result
      View All Result

      Choosing your lifeboat team: Making tough decisions for your business to survive COVID-19

      Michael Moonesinghe Michael Moonesinghe
      April 20, 2020
      · 4 mins read
      Choosing your lifeboat team: Making tough decisions for your business to survive COVID-19
      Share on Facebook Share on LinkedinShare on Whatsapp

      The COVID-19 pandemic has changed our world with devastating speed, and it continues to redefine the global business world. It has forced many business owners to make some very tough decisions. This includes whether to downsize, both in terms of the number of souls and the size of office required. Another being whether to pivot the business now or later and other equally drastic changes to survive the economic pandemic which is fast developing.  

      You may also like

      Fortude | Diversity | Great Place to Work

      A Decade Later: Fortude Continues To Spearhead Initiatives for an Inclusive Culture Where ‘Everyone Belongs’

      August 12, 2022
      Anycover Insuretech eCommerce Singapore

      How Singapore-based Startup Anycover is Reinventing Extended Warranties

      August 10, 2022
      Creative Software

      22 Years of Resilience and Growth: Inside Creative Software

      August 4, 2022
      Surer Insuretech Singapore

      How Surer is Uplifting the Singaporean Insurance Industry

      July 28, 2022

      No one knows how bad or how long this global economic crisis will be or will last for with certainty. 

      Recessions – and even depressions, are like sailing a ship right through a storm.  You know that eventually, you will return back into the sunshine, you just have to get through the storm, as quickly as possible. The problem is that you don’t know how bad or how big the storm is! So you need to be sure that whatever rations you have with you at the beginning will be enough to sustain you until you reach the other side.

      So, how do we move forward to survive? How do we decide which colleagues we need to keep in order to save the business?

      Now is the time for Calm, Rational and smart leadership especially if you have to choose who to take with you on your Survival Lifeboat. Under these extreme conditions, length of service, seniority, how good a performer used to be, all may not be the right selection criteria.

      business | COVID-19 | Lay offs | Coronavirus
      Rather than having several directors and senior managers, opting to keep a single manager with a few keen and agile executives could be what your business needs to survive.

      You might be inclined to keep experienced directors and senior managers. However, they are usually the most expensive people on your payroll. Further, they may have been away from the frontlines for too long. As such, they may not have those valuable close customer connections, which are essential right now. Hence, maybe just having a single manager with a few keen and agile executives could be what your business needs to survive. 

      Beyond skills, you will need people with the right attitude, passion, energy, and commitment to last the journey through the storm. Your ship doesn’t have any room for passengers. It isn’t a luxury cruise ship. It’s a survival lifeboat! If you are to survive this journey, then you will need to use whatever resources you have in a smart and efficient manner. Of course, that’s not to say skills aren’t essential. But when you’re making the tough calls, choose colleagues who complement your skillset and not duplicate your own. 

      Making tough but smart decisions for the survival of your business

      As an entrepreneur, you should think back to when you first started. It’s time to use all those entrepreneurial skills which you used to start your business once again. Remember, that many large and successful companies such as Netflix, Mailchimp, Airbnb and even Microsoft all started during a recession!

      business | COVID-19 | Lay offs | Coronavirus
      Some of the most successful companies today were born during a recession. The pandemic services as a test of leadership. Entrepreneurs need to use the skills they used to start their business and make tough but smart decisions to survive. (Image credits: Techspot)

      Of course, it is important that you follow the legal procedure of doing things right when it comes to salary cuts and deferments. Such actions can only be done with the agreement of the individual employee. It may be fair to offer to refund all or some of the salary cuts, maybe with a small bonus if and when the company returns to better times, as many surely will.

      It’s never easy to let good, loyal and hardworking colleagues go. But if you are in survival mode now, then you owe it to those who will remain that you will maximize the resources available on the lifeboat to get you through the storm and back to safe shores with sunshine. Ultimately, this pandemic is a test of leadership skills. A challenging one, where tough yet smart decisions must be made to give your business every chance to survive and thrive again. 

      Tags: COVID-19entrepreneurship
      ShareShareSend
      Previous Post

      Meet Serw: The app by Rootcode Labs enabling professionals to adapt to COVID-19

      Next Post

      The ideathon aiming to get supply chains moving again in the face of COVID-19

      Michael Moonesinghe

      Michael Moonesinghe

      Michael Moonesinghe is the CEO of Glover Daniels International, the Human Capital consultancy. He has over 30 years of international recruitment and HR consultancy experience and has owned and managed businesses himself through several previous recessions. He is also the CEO and Founder of Business Centres Sri Lanka which manages fully serviced small business communities.

      Recommended Stories

      Fortude | Diversity | Great Place to Work
      Features

      A Decade Later: Fortude Continues To Spearhead Initiatives for an Inclusive Culture Where ‘Everyone Belongs’

      August 12, 2022
      Anycover Insuretech eCommerce Singapore
      Features

      How Singapore-based Startup Anycover is Reinventing Extended Warranties

      August 10, 2022
      Creative Software
      Features

      22 Years of Resilience and Growth: Inside Creative Software

      August 4, 2022
      Surer Insuretech Singapore
      Features

      How Surer is Uplifting the Singaporean Insurance Industry

      July 28, 2022
      Klaytn | Web3 | Asia | Blockchain
      Features

      Klaytn is the Web3 Gateway to a New Creator Economy in Asia

      July 21, 2022
      PickMe Digital System Fuel Sri Lanka
      Features

      Prevent Cities from Becoming Ghost Towns: A Transparent Digital System for Fuel Distribution

      July 15, 2022
      Leave Comment

      Recommended Stories

      Fortude | Diversity | Great Place to Work

      A Decade Later: Fortude Continues To Spearhead Initiatives for an Inclusive Culture Where ‘Everyone Belongs’

      August 12, 2022
      Anycover Insuretech eCommerce Singapore

      How Singapore-based Startup Anycover is Reinventing Extended Warranties

      August 10, 2022
      She Loves Tech Sri Lanka Hatch

      She Loves Tech: The World’s Largest Competition for Women in Tech Returns to Sri Lanka

      August 5, 2022
      Creative Software

      22 Years of Resilience and Growth: Inside Creative Software

      August 4, 2022
      Surer Insuretech Singapore

      How Surer is Uplifting the Singaporean Insurance Industry

      July 28, 2022
      Klaytn | Web3 | Asia | Blockchain

      Klaytn is the Web3 Gateway to a New Creator Economy in Asia

      July 21, 2022

      Popular Stories

      • Coca Cola and Avocado: A Partnership Rewarding Food Experiences

        Coca Cola and Avocado: A Partnership Rewarding Food Experiences

        0 shares
        Share 0 Tweet 0
      • Rhoda: The all-electric Sri Lankan Roadster

        0 shares
        Share 0 Tweet 0
      • Spotify Expands Into Sri Lanka: Exploring What It Has To Offer

        0 shares
        Share 0 Tweet 0
      • Leveraging the Power of AI: How EBI is Building a Digitally Inclusive Sri Lanka

        0 shares
        Share 0 Tweet 0
      • The DirectPay Story: Building a Virtual Bank One Digital Brick at a Time

        0 shares
        Share 0 Tweet 0
      No Result
      View All Result
      • News
      • Premium
      • Features
      • Startups
      • Events
      • Hotpicks
      • Community
      • Contributor
      • Billboard

      © 2020 Arteculate™ All Rights Reserved.

      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?