Post-Pandemic Considerations for Management Teams
As states across the U.S. lift pandemic restrictions and guidelines, management teams look forward to a less restrictive and more normalized economy, post COVID-19 pandemic. On a recent webcast from Financial Executives International, “Emerge Stronger: Post-Pandemic Considerations for Management Teams,” I was joined by a panel of Texas business leaders who are facing this very issue head-on. During the webinar, we tackled tough but interesting questions around key considerations for management teams and how organizations should position themselves for success as they recover from the impact of the pandemic.
Here are some key highlights and takeaways
- According to Michelle Lewis, Principal at The CapStreet Group, she believes this environment will create “White Knight” opportunities for financial sponsors at what had been healthy companies before the pandemic that are now facing new challenges and in need of additional capital.
- Vijay George, Director of Technology at Bridgepoint Consulting, says, “Let’s look at remote working as a new normal instead of the exception.” Companies will have to consider how to provide the equipment, support, and policies necessary to enable better working from home.
- Frank Stokes, CFO at Castle Biosciences, sees one the of the biggest issues that will impact Castle going forward being how long will it take patients, particularly Medicare patients, that are not able to see their doctors or are fearful of being in a doctor’s office to return to standard healthcare patterns.
What the first 100 days look like post-pandemic
- Craig Storey, CFO at Vari said he focuses his efforts on reintegrating employees back into the office as efficiently and safely as possible. According to him, Vari plans to change up its headquarters layout and provide enhanced sanitary procedures to ensure employees have a safe work environment post quarantine.
- Lewis believes that the first 100 days will vary for each of CapStreets portfolio companies because industries across the economy have been impacted differently.
How CIO’s view risk
- As companies now realize the benefits of cloud technologies in this kind of situation, George recommends taking into consideration how a shared cloud infrastructure, like AWS and Azure, might be stressed during high demand periods. In the future, will cloud and SaaS providers start pricing differently based on priority and demand? Being prepared for those potential changes to IT environments and services will help businesses be better positioned to handle increased remote and scaling capabilities and possible future crises.
How culture has been impacted by the pandemic
- Storey has been thinking about how to ensure Vari employees feel connected, supported, and updated using virtual tools. Improved and regular communication has been a considerable effort at the company.
- I pointed out that here at Bridgepoint, our focus on empathy has grown. As a management team and as a team of consultants, we have become much more empathetic listeners, both amongst each other and with our clients and prospects.
Bringing It All Together
A huge takeaway from the pandemic is that while it is crucial to have a plan, it is equally essential to be flexible, regularly communicate, and be open to change. The pandemic introduced new challenges and considerations that no one could have anticipated. Nonetheless, businesses must use their learnings from overcoming these challenges to thrive in a post-pandemic economy. Staying focused on goals and being positive will be just as important as employees look to leadership for a sense of safety and normalcy in a post-pandemic environment.
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