Month: April 2020

– Boards should, through detailed measurements and analysis, monitor the company’s health safety considerations, including worker fatalities.

– Boards and management are faced with the need to reduce staff or projects to keep the business afloat.

– Boards should also assess the risk of the domestic supply chain becoming ill or having to isolate itself.

– Boards should have discussions on teleworking, including how best to mitigate IT risks and data privacy breaches.

– Boards should be mindful of the need to defend the corporate culture and keep it strong in the face of heightened uncertainty.

– Boards should undoubtedly approve dividend reductions, share purchases and capital expenditures.

– Boards members should assess the long-term prospects of a company’s underlying business model, as well as the company’s ability to pay its debts and to have the cash available to meet its future needs.

– Boards should, through detailed measurements and analysis, monitor the company’s health safety considerations, including worker fatalities.

– Boards and management are faced with the need to reduce staff or projects to keep the business afloat.

– Boards should also assess the risk of the domestic supply chain becoming ill or having to isolate itself.

– Boards should have discussions on teleworking, including how best to mitigate IT risks and data privacy breaches.

– Boards should be mindful of the need to defend the corporate culture and keep it strong in the face of heightened uncertainty.

– Boards should undoubtedly approve dividend reductions, share purchases and capital expenditures.

– Boards members should assess the long-term prospects of a company’s underlying business model, as well as the company’s ability to pay its debts and to have the cash available to meet its future needs.

What made them all effective is that they followed the same practices:

– they asked : « what needs to be done? »

– they asked : « what is right for the entreprise? »

– they took responsibility for decisions.

– they were focused on opportunities rather than problems.

– they thought and said « we » rather than « i »

« …Speed, simplicity and truth are all key operating principles for how you communicate externally and internally in a time of crisis. Speed is critical  because situations evolve very quickly, whether it’s an operational crisis or one of perception, and only the most nimble teams can succeed. In terms of simplicity, many companies fall into the trap of overcomplicating their messaging or hedging to the point of ineffectiveness. The best message is usually the most concise and direct. Truth is essential, but it is often really hard to get to in the face of speed, as there are a lot of other agendas and perceptions out there… »

Brad Shaw, Senior Vice President of Corporate Communication and External Affaires; The HOME DEPOT.