Newsroom

5 May 2020

10 Lessons Learned About Leading a Business During the COVID-19 Experience | PSA Leadership Committee

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

  1. My identity and purpose must be rooted in something bigger than the business.
  2. I will hire and retain people I want fighting beside me during a crisis.
  3. I will get rid of those who will retreat or surrender during a crisis.
  4. There are customers who truly care about us and our business. They will get our attention.
  5. There are vendors who truly care about us and our business. We will buy from them.
  6. 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.
  7. 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.
  8. Indeed, cash is king. We will save plenty, manage the ins and outs adeptly, and act decisively to preserve it when hard times come.
  9. 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.
  10. 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.

MORE FROM PSA COMMITTEES