Clear and decisive governance is an essential success factor during turbulent times. It helps to set direction and enables quick and transparent decisions. Furthermore, it provides orientation and structure in the short-term, as well as a means for coordinating strategic measures required to reset the course after the crisis.
In the short run, business leaders need to ensure the ability to act. This includes:
In the mid-term, focus needs to shift towards stabilization and the time after the crisis. This includes:
When implementing new governance principles, business leaders need to act fast and keep the following success factors in mind: