5 May 2020
10 Lessons Learned About Leading a Business During the COVID-19 Experience
By Shaun Castillo, President of Preferred Technologies, LLC on behalf of the PSA Leadership Committee
- My identity and purpose must be rooted in something bigger than the business.
- I will hire and retain people I want fighting beside me during a crisis.
- I will get rid of those who will retreat or surrender during a crisis.
- There are customers who truly care about us and our business. They will get our attention.
- There are vendors who truly care about us and our business. We will buy from them.
- My network matters greatly. I will invest time and resources into building a robust network of wise, generous people. I will generously share whatever wisdom I can muster.
- I will not allow the business to become over-leveraged. We need to control our decisions during a crisis, not concede them to an outside entity who may not share our long-term vision.
- Indeed, cash is king. We will save plenty, manage the ins and outs adeptly, and act decisively to preserve it when hard times come.
- I will exhaust all options before sacrificing people and, if sacrificing people is a must to keep the business alive, I will ask all to share in the sacrifice, not ask a few to sacrifice for the many.
- Most people will not ask for information, but almost everyone desires much of it, especially in crisis. I will maintain a platform of communication and regularly communicate comprehensive, transparent information.