The Coronavirus pandemic has traveled around the globe and as at the last count affected nearly 200 countries within a short period. It has taken most countries by surprise and set off motion to mitigate or stave off the deadly spread that can ultimately lead to death.

This pandemic has caused a global crisis, and it has proved that many businesses do not take a strategic, systematic, and coordinated approach to risk management, and some still not taking any strategic action to completely rethink the effectiveness of the present business approach to remain relevant in years to come. The business is no longer, as usual, the digital adoption becomes mandatory; employees were told to work from home, suppliers having difficulties on the disrupted supply chain, a commitment towards innovation and a sustainable value proposition that helps the community and the planet. 

The key now will be to move from crisis management to interim and long-term strategic planning knowing what we will face tomorrow. In a McKinsey & Co. paper, they state that the key to resetting existing strategic plans is a focus on long-term employee wellness, delivering essential value-added services to consumers, and fulfilling the social and financial wellness needs of the community.

You might not need to re-visit your organization strategic plan if all the answers are ‘YES’

• Are we on the right path?
• Have we corrected far enough around this obstacle?
• Do we still have enough resources?
• Will we get there in time?

Does our organization have …

• Long lead time for improvements
• The vision that doesn’t match activities
• Annual objectives rolled out for many months
• Year-to-year plans that never seem to connect
• Too many projects in flight with delivering the promised results
• Employees who don’t feel a part of a team

The objective of strategic planning.

• To create a clear vision and action plan
• Prioritization and focus
• To discuss the core issues affecting your organization, (Scenario planning, competitors, changing trends, technology adoption, customer orientation, etc.)
• Alignment with the team
• Support culture and business transformation.

The process of strategic planning

• Establish organization vision
• Develop breakthrough objectives
• Develop annual objectives
• Deploy annual objectives
• Implement annual objectives
• Monthly review
• Annual review

Does your company incorporate integrate risk management into strategic planning?

At FMC, we assist clients by providing solutions to Strategic Initiatives and understanding engagement, Strategic organization business risk workshop, and a full-fledge of development of a new strategic business perspective.

Written by Mohamad Faisal and solely his personal view, the writer will not be held responsible for the content its users choose to share, which may be offensive to others.

Mohamad Faisal C.A. (M), CIPFA, CPSA, ASEAN CPA, CFP, DPIN, HRDF Cert Trainer has wide exposures in business finance, corporate and SME development. He is a business mentor, a certified accountant, a financial planner, and a certified business mentor. He is also a ‘Business Mentoring for Mentors’ from the Entrepreneurship Development Institute of India (EDII) and ‘Entrepreneurship in Emerging Economies’ from HarvardX Business School. He was also appointed as a council member to two national professional bodies, Chairman of SMP Malaysia, Member of the MPC Accounting Industry, Industry Advisor to three local universities, and is also the founder of FaisalMALIK & co [CA].

Contact the FMC team at admin@faisalmalikco.com. for the relevant consulting and advisory services.

This coronavirus pandemic or Covid-19, has traveled around the globe and as at the last count affected nearly 200 countries within a short span of time. It has taken most countries by surprise and set off motion to mitigate or stave off the deadly spread that can ultimately lead to death.

At its height, Corvid 19 brought down most countries to their knees, keeping the economy, social, and financial sectors almost to a stand-still. In the Health sector the lack of equipment, shortage of ventilators, face mask, medical gloves, Personal Protective Equipment (PPE), Test kits, hospital beds, ICU facilities, plus overworked medical staff compounded by the ever-increasing cases, turn to divine intervention to seek solutions.

While the health officials and support groups grappled with how best to keep the spread in check by suppressing the growth curve, the political leaders are busy trying to put together sound stimulus packages to whip the economy back to its feet. While that is going on some countries, including Malaysia, opted for a lockdown or Movement Control Order (MCO) to restrict the movement of people and maintain social distancing, this helps keep in check the spread of the virus.

Business Engine

Some industries took a dive, namely the airlines industry, travel, both inbound & outbound, hotels & accommodation, oil & gas, the stock markets, automotive, and services related to this sector. These business engines almost grounded to a halt.

On a positive side, the exception goes to the growth of the essential industry namely food business, sundry household items & grocery, on-line business, deliveries, entertainment, wi-fi, cargo transportation, and of course medical supplies and the health business.

However, the net cumulative effect is negative growth, and some pundits forecasted grim negative growth leading to a possible recession. In times like these, it calls for a different breed of leaders at all conceivable levels. Leaders that can take charge of their own businesses and move forward their organizations’ growth agenda.

Government has announced a stimulus package 2.0 & 3.0 to help revive the economy, a PRIHATIN Rakyat stimulus package was designed to put the money back in the pockets of the consumers to a value of RM250 billion. These are well documented and references can be made to the many postings in social media and government media. Though much debate on it in terms of sufficiency and goes right to the desired group, the efforts are still ongoing.

This coronavirus pandemic or Covid-19, has traveled around the globe and as at the last count affected nearly 200 countries within a short span of time. It has taken most countries by surprise and set off motion to mitigate or stave off the deadly spread that can ultimately lead to death.

At its height, Corvid 19 brought down most countries to their knees, keeping the economy, social, and financial sectors almost to a stand-still. In the Health sector the lack of equipment, shortage of ventilators, face mask, medical gloves, Personal Protective Equipment (PPE), Test kits, hospital beds, ICU facilities, plus overworked medical staff compounded by the ever-increasing cases, turn to divine intervention to seek solutions.

While the health officials and support groups grappled with how best to keep the spread in check by suppressing the growth curve, the political leaders are busy trying to put together sound stimulus packages to whip the economy back to its feet. While that is going on some countries, including Malaysia, opted for a lockdown or Movement Control Order (MCO) to restrict the movement of people and maintain social distancing, this helps keep in check the spread of the virus.

Business Engine

Some industries took a dive, namely the airlines industry, travel, both inbound & outbound, hotels & accommodation, oil & gas, the stock markets, automotive, and services related to this sector. These business engines almost grounded to a halt.

On a positive side, the exception goes to the growth of the essential industry namely food business, sundry household items & grocery, on-line business, deliveries, entertainment, wi-fi, cargo transportation, and of course medical supplies and the health business.

However, the net cumulative effect is negative growth, and some pundits forecasted grim negative growth leading to a possible recession. In times like these, it calls for a different breed of leaders at all conceivable levels. Leaders that can take charge of their own businesses and move forward their organizations’ growth agenda.

Government has announced a stimulus package 2.0 & 3.0 to help revive the economy, a PRIHATIN Rakyat stimulus package was designed to put the money back in the pockets of the consumers to a value of RM250 billion. These are well documented and references can be made to the many postings in social media and government media. Though much debate on it in terms of sufficiency and goes right to the desired group, the efforts are still ongoing.

Business Leadership Roles

For SME business leaders it is imperative to evaluate their positions and start to think of two key areas. One, what can be done immediately to keep their present business stay afloat, and two, strategic plans to sustain the business further. Business as usual may take different meaning after this.

Remaining active and be relevant in the midst of this crisis takes great leadership ability, insight and strong determination. This not only affects their livelihood, but that of their employees and their families. Question is, what are the qualities of leadership it takes to steer companies in times of crisis?

Typically, traits such as intelligent, charismatic, analytical skills, and confidence are important in building a well-rounded leader, but in challenging times leadership calls for greater commitment and resolve. Some other qualities are discussed below.

The need to be honest – Being honest is to convey the information correctly in the proper context. This calls for being transparent in stating it realistically to help build credibility for the leaders. Employees are more responsive when being honest and even provide creative solutions, start to think outside the box in solving problems. Leaders need to be sensitive not to overdo or stroke fear and unease among the employees in the organization.

Be Empathic – Employees need to feel belonged as part of the bigger organization. This inspires employees and motivates them to go the extra mile in making contributions to the organization. Employees’ emotions may be unstable with news media running up the business downturn and impending recession. Important for leaders to be empathic, take control, offer assurance and start talking to the employees and see them as individual people. Tell them that they are part of the solutions and that you care for them.

Be Decisive – Be able, to sum up, the situation quickly and make tough decisions that may be unpopular. Evaluate the facts and information, take a calculated risk and decide the next course of action. Leaders learn from mistakes, monitor situations closely, and act systematically. They are adaptable and open to make new decisions to mitigate situations and take remedial actions. The cost of doing nothing is nothing, but at the expense of the business.

Project Confidence – The employees look up to confident leaders they can depend upon. Leaders need to be alert in the mind, be self-aware, be resilient, and keep a positive outlook. They become a stabilizing factor in times of stress and uncertainty. Crucial not to mislead, overpromise, overoptimistic or project insecurity.

Communicate, Communicate, Communicate – Leaders need to communicate frequently in a structured manner and listen to the audience, i.e. internal and external parties, employees, investors, board members, vendors, the customers, and the media. Important for messages to be clear, concise, timely, focused and addresses the issues at hand. Listening to their stakeholders will bring the issues in proper perspectives, provide relevant data and evidence to the informed audience to make the right decisions.

Leadership At Workplace

As they say in times of crises “This too shall pass” underscore the temporary nature of the challenging times. This, in the hope that the organizations and the employees emerge stronger, resilient and more robust once it’s over. It is imperative the employees are well prepared to “rough” out at the workplace, begin to focus and determined to see an end to the chaotic situations.

Open Communication – Encourage QCC or a similar circle involving different employees from the various departments to share the issues. Prepare topics or discussions and be ready to do Brainstorming, Root Cause Analysis (RCA), Mind-Mapping or other diagnostic tools to seek solutions. Structure the circle to solve specific issues, evaluate and articulate the necessary recommendations and implementations plan.

Coaching Approach – This is based on the premise that the employees do have the solutions or proposals at hand, the only thing they have often in the past been told what to do. The coaching approach turns “telling” to “asking” powerful questions and listening techniques to get the best from the employees. This will increase their morale and become part of the solutions.

Do More – Employees are encouraged not to just achieve their targets or task assigned but to do more in the quest to become an employee of value that merits recognition or status. A systematic appraisal system that is applicable to employees at all levels in the organization to strive and give extra effort during this challenging time and be duly recognized for the performance.

Empowerment – Avoid silos as everyone is in the same boat. The employees are empowered to discuss and present solutions within the entire chain of the organization and bring up to top management for evaluation.

Continuous Learning – Crisis is an opportunity to learn new things and be prepared to see things from different viewpoints. Learning from others is part of the continuous learning process and employees are encouraged to do so. Learn to look from strategic and operational perspectives, and be aware of the differences.

As Conclusion. Leadership in times of crisis demands new ways of thinking. If you continue to do what you did, you’ll likely get the same results. Covid-19 inevitably sets new meaning and outlook in leadership business practices. Importantly leaders need to be alert and ready to adapt to new business orders after this.

Written by Mohamad Faisal and solely his personal view, the writer will not be held responsible for the content its users choose to share, which may be offensive to others.

Mohamad Faisal C.A. (M), CIPFA, CPSA, ASEAN CPA, CFP, DPIN, HRDF Cert Trainer has wide exposures in business finance, corporate and SME development. He is a business mentor, a certified accountant, a financial planner, and a certified business mentor. He is also a ‘Business Mentoring for Mentors’ from the Entrepreneurship Development Institute of India (EDII) and ‘Entrepreneurship in Emerging Economies’ from HarvardX Business School. He was also appointed as a council member to two national professional bodies, Chairman of SMP Malaysia, Member of the MPC Accounting Industry, Industry Advisor to three local universities, and is also the founder of FaisalMALIK & co [CA].

Contact the FMC team at admin@faisalmalikco.com. for the relevant consulting and advisory services.

PSPN Series 14
BUSINESS LEADERSHIP ROLE & SURVIVALS IN CRISES OF COVID-19
by🔎Mr. Mohamad Faisal Abdul Malik:
🗓 19th May 2020(Tuesday)
🕒 3:00 PM

CLICK HERE for recording video

Siri Webinar SME Bangkit: Episod 2

Berat Sama Dipikul, Ringan Sama Dijinjing: Peranan Persatuan Dalam Menghadapi Cabaran Ekonomi

📆 Tarikh/Masa: 21 MEI 2020, Khamis @ 11 PAGI

PERSONAL FINANCIAL MANAGEMENT TALK

Date: 23rd April 2020

11am – 12 pm

TOPIC: Moving your business up with the Technology evolution

Organiser: MPC Professional Services PSPN

November 12th 2o2o, Thursday 2-4pm.

Full recording: https://faisalmalikco.com/technology-adoption-for-professional-services-series-06/

2021 Budget Review Talk by FMC

12th November 2021

Organiser: UTHM Batu Pahat

Date: 15th November 2020