A resident of Birmingham, AL, Griffin McGahey is the vice president of HC3, a data-driven provider of customer communications. Dedicated to helping companies improve their operations, the company also publishes informative materials for business leaders. On April 17, 2020, Griffin McGahey hosted a webinar on how companies dealing with the COVID-19 crisis.
Many companies experience drops in revenue during challenging economic conditions. For these companies, he recommends a new approach guided by the question, “How do I change my strategy completely to survive?” The answer to this question may be found in the market. Business leaders should look at the market and forecast how it will look six months or more down the line, and ask themselves how they should adapt to this new environment so that they will be prepared to fill the new roles that will inevitably come up.
Fundamentally, these business leaders have to reimagine their companies so that they look different in six months’ time. That means many internal operations and processes will have to be revamped. The business leaders should identify all of these and map out a plan for the redesign.
Similarly, business leaders should ask themselves whether they have the right people in place to carry out the strategic shifts. They will need to reduce the size of some departments and hire new personnel in others. If hiring is not on the table, they can repurpose people they already have.
Last, business leaders should remain transparent with their employees. Tough times affect businesses and people alike. And for many people, the uncertainty can be overwhelming. Good leaders should communicate regularly and openly, telling employees the state of the business, the positives and the negatives, and precisely how they are navigating the new environment.
Griffin McGahey 
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