Dear Friends of Positive Polarity,
The COVID-19 virus is dominating the news cycle, and it must also be dominating your personal and professional conversations. Positive Polarity is no different; we are actively implementing our response to this situation while operating in an environment of considerable uncertainty.
We are all in this together, and we will work through this together.
We draw from many years of experience in helping our clients navigate through their most urgent and challenging situations. In a crisis, the foremost concerns must be personal health and safety—of our families, our employees, and ourselves. Taking care of those who contract the virus and joining the global community in taking sensible steps to slow its spread is of the utmost importance.
Once you have addressed the critical efforts to safeguard your family and your people, you then turn to the health and safety of your business. We are here to protect our clients’ businesses and help them manage through the most complex of challenges. There is no single formula for doing this. Still, there are a few responses that can be applied here which we have developed through decades of helping clients with their greatest challenges.
At the highest level, we recommend that you:
Recognize this situation for what it is—a crisis. Quickly follow that recognition with a reminder that leadership is doing whatever it takes to manage through turbulent times. Communicate constantly, consistently, transparently, and positively.
Ensure your liquidity position is adequate for the duration. Take swift actions if it isn’t. A sudden crisis renders your current plans and models obsolete, and your first priority must be near-term financial health.
In parallel, plan for the worst-case scenario—in both magnitude and duration—and develop a list of structural changes that can be implemented should the crisis deepen or linger. You must believe in and be willing to apply those changes before they become a necessity.
Think creatively about who can help you, and who you can help. In a crisis, your customers and suppliers are not just arm’s length economic partners; they are flesh-and-blood communities facing the same issues you are. The solutions that will make you resilient will often be found with your partners.
Two things we know about crises from our experience: they are all different, and they all end. How they end for your business depends on the speed and quality of your crisis management.
Many of you have already reached out to ask a question, brainstorm an idea, or inquire if Positive Polarity has an action plan detailing steps to take during a crisis. We are honored by the outreach, and we are happy to help in any way we can.