Businesses have suffered massive losses due to the outbreak, so post-pandemic governance steps can help redeem them. Companies like Apple, Amazon, and Microsoft were early adopters of the digital platforms and survived business downtime. So, it is time for your business to get back in shape as well. In this article at Board Agenda, Nada Kakabadse and Andrew Kakabadse share three post-pandemic governance steps.
Post-Pandemic Governance Tips
Lockdowns and social distancing have created havoc in the business world. Meanwhile, Apple, Amazon, Alphabet, Microsoft, Alibaba, Facebook, and Tencent have taken their online and are profiting. The majority of the companies are suffering because they did not leverage digital platforms. What is the way forward from here? Here are the three post-pandemic governance steps to reestablish your business:
Create Trust Among People
‘Trust today is in very short supply’. The Kakabadse Global Governance and Leadership Survey conveys that 34 percent of board members and top management have conflicted interest. They are not on the same page regarding the strategies they should take to have a competitive edge. Internal politics also plays its part well.
67 percent of the respondents do not want to discuss their differences of opinion. When the board members avoid talking about serious and underlying issues, they leave the organization open to external criticism. One of the post-pandemic governance steps would be to lay all the cards out in public and admit to mistakes wherever required. You can trust each other when all understand how to balance control and supervision.
Arrive at a Strategy Consensus
20 percent of the participants complain that strategy building challenges arise when they discuss new methods or include new technologies. 80 percent believe that the issue is mainly in implementing the strategy. Some do not get the chance to share ideas, while others refuse to take responsibilities when their plans do not work. Due to continuous tensions between C-suite executives and board members, strategies do not get the required support and consequently fail. Your post-pandemic governance steps should make both the parties create a positive, mutually respecting inclusive work environment.
Rebrand the Enterprise Business Model
Once you have achieved both, it is time to reshape the business model to align with the current market demands. It should be flexible and firm enough to cater to all the stakeholders and keep you ahead of your competitors. Discuss how emerging technology adoption would influence your business. Analyze the capital and stakeholder support you need to transform the enterprise.
To view the original article in full, visit the following link: https://boardagenda.com/2020/06/19/governance-after-the-pandemic-requires-a-stewardship-approach/