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Online Guest Speaker Event- 5F WAR: Leading businesses through the COVID 19 crisis

20/04/2020 By
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Since Wall Street English has moved 100% online, we had the pleasure of hosting Dr. Karim Taga as our first guest speaker in a live event. All the way from Vienna, Dr. Karim Taga, the managing partner in ADL, talked about how to lead a business through the COVID-19 crisis. 

Our illustrious guest speaker started his live session with a few key questions: 

  • What is the impact of COVID-19 on your company so far?
  • What have you done, and do you still intend to do, to respond to the challenges?
  • What key learnings have you identified – especially things that are turning out differently to your expectations and plans?
  • What personal leadership challenges are there, and how are you tackling these?
  • What are you doing to work towards a rapid recovery, including any positives that could ultimately emerge from the crisis?

With the help of 25 business leaders who shared their experiences to help companies survive this pandemic, Mr. Karim highlighted the key facts of COVID-19 crisis management such as: 

  • Crisis steering: Mobilize the crisis-response leadership vehicle immediately, using tested and drilled plans.
  • Employees and customers: Focus first on Employee and Customer safety, and communicate intensively to enable behavior adaptation. 
  • Operational and business continuity: Physically separate operational teams, manage cash flow and ensure partners and suppliers are equally aligned.
  • Other stakeholders: Engage actively with the government, authorities, and community.
  • Recovery and regrowth: Plan for recovery now, be positive and grasp new opportunities.

Furthermore, our guest speaker also focused on the post-crisis changes that will occur in businesses such as new opportunities, or tough challenges. For instance, many companies should embrace digital transformation and consider virtualization and further extend “smart working” practices. In addition, he stated that businesses need to leverage the experience of rapid decision-making and delegation during the crisis to improve agility and responsiveness in the post-crisis world. Dr. Karim urges companies to be well prepared for this kind of crisis, and to improve their business continuity risk management by considering the following steps:

  • Common business resilience framework
  • More dynamic risk management approach 
  • Stress-testing of business continuity plans
  • A better understanding of risk velocity 

Mr. Karim dealt with some uncertainties that every business is facing nowadays, such as the deconfinement date(s), the economic rebound date(s) and speed, the shape of the ecosystem and the new form of back to normalcy. To face these uncertainties, companies should follow the “5F approach” and eventually answer these questions: 

  • How to secure the cash position _ Free Cash 
  • How to react quickly _ Fast Adaption 
  • How to get back on track _ Fast Recovery 
  • How to become a citizen of the “new world” _ Forward Looking
  • How to ensure the stamina of the organization _ Forward Organization & Communication

Written by Zaineb Abbou

 

 

 

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