With such changeable and complex times, sourcing information and insight from trusted places and people is crucial. Many people will share their thoughts, ideas, intel and opinions so while we're all navigating new territories, it makes sense to extend trust to those that have credibility and a degree of stability, having ridden through a few complex situations before. It also helps when they have no agenda nor are they trying to sell themselves or a product/service.
For all Governance content, despite the different legislative environments, I find the information from the Australian Institute of Company Directors to be timely, digestible and valuable.
Their latest post which has a list of questions boards should be discussing is very good, and one all business leaders would benefit from reviewing.
They suggest Directors ask the following:
- Which plans need to be activated and when?
- Do our plans account for this type of ongoing threat? Do they contain an appropriate focus on employee wellbeing, supply chain disruption, short- and long-term financial impact?
- What support does management need? What is the best way to support them?
- Is the business communicating timely messages to both internal and external stakeholders?
- How are we monitoring the ongoing risks?
- Are we routinely revisiting and clarifying our priorities as the crisis evolves and the landscape changes?
- Is the business planning for post-pandemic communications and stakeholder impacts?
- Are we scenario planning and testing for any negative fallout?
- Are we adjusting revenue projections if necessary and taking action to boost financial resilience?
