CEO’s worldwide are figuring out strategies for the future, after the corona or Covid-19 crisis started to emerge from China. Veteran advisor Harry Broadman dives into the future for CEO’s at the Chief Executive. Rule one: do not panic, he says.
The Chief executive.com:
“Even in this unusual environment, we’re all trying to out-game one another,” Harry Broadman, managing director of Berkeley Research Group and a globally recognized strategic advisor to CEOs, boards and the White House, told Chief Executive. “Even in crisis, that begets opportunities. You have to think carefully as the bathtub drains on everyone. You get important information because you’re going to observe how you’re doing relative to competitors—important market signals that you honestly wouldn’t have without this crisis.”
Broadman said that one of the most important “overarching lessons from all of this will be how you manage risk.” It’s crucial in that regard, he advised, for CEOs not to panic; to remain confident in decisions that were made amid prosperity; to understand how the COVID-19 recession is going to stress the existing framework of your industry; and to make sound decisions right now about how to capitalize for the future.
This is where fellow occupants of the “bathtub” come in. “Assume for the sake of argument that you’re all in the same bathtub and you’re all going to fall pretty much at once, even in different ways. Then the bathtub is going to refill again, and you may find that we all will be in the same relative positions as when the crisis began.
“CEOs and boards need to be thinking through that issue in a cool, clinical fashion.”
Are you looking for more experts on the coronavirus fallout? Do check out this list.