What can we learn from crises of the past?
The current COVID-19 pandemic is forcing many businesses into crisis management mode.
We are living through an unprecedented crisis that has impacted our lives in so many ways. Whilst history never repeats itself we are able to learn how others have reacted during previous crises and use that to help us today.
In this episode of the show I speak with the Managing Director of Family Business Norway, Simone Møkster, Director General of the Institute for Family Business Elizabeth Bagger, 4th generation family business member and founder of the IFB, Alex Scott and John Learmonth, MD of Deanbridge International and publisher of The European Family Investment Company Report who has written studies on how family businesses reacted to the Second World War and were able to come out of the crisis stronger.
The crisis management strategy that you adopt will help dictate how you come out of this crisis and so we look to history for some pointers and lessons.
Whilst we appreciate that some businesses are simply fighting for survival right now and our first suggestion would be to reach out and see what support is available to you, we also wanted to provide some practical guidance on what you can be doing to position your family business so that when this current cloud passes, you are able to see the blue skies beyond.
We discuss the characteristics that family businesses showed during WWII and how these can be applied to today’s environment. The characteristics are (in no particular order)
- Perseverance
- Leadership
- Getting organised
- Reputation
- Human assets
- Entrepreneurship
- Diversification
The truth is, there is unlikely to be one single solution to surviving the current situation and the inevitable economic difficulties the world will face when we emerge from the Corona Virus crisis, but the above combined will place you in the best possible to do so.
We are here to support and please do get in touch if you need any help.
