4 May 2020

Key takeaways

  • In a time of crisis, it’s important to lead from the front, taking decisive action and sharing a clear vision for the future
  • Establishing an open and transparent dialogue with your team will help bring them on the journey and give them the opportunity to be part of any solutions your business works towards
  • Communicate a sense of energy and optimism while looking for positive changes to support the long-term health of the business.

It’s time to lead

Effective leadership takes on additional importance in a crisis. Right now, your staff may be looking to you for answers and guidance, both about the future of the business, and about the impact on them personally. The key is to communicate openly and frequently, setting a clear direction and vision for the future – sharing confidence, energy and optimism.

1. Know your team

This is a difficult time for everyone, but some people will feel it more than others. To lead effectively, it’s critical to understand the different personalities in your business and be aware of the financial and emotional stress that may be affecting them and to make them feel valued and supported.

  • Check in frequently with each staff member to keep them on track, understand their personal challenges and offer support
  • Hold regular, virtual team meetings to ensure everyone is working towards the same goals
  • If your staff are working remotely, provide them with opportunities to catch up to maintain a sense of camaraderie and mutual support.

2. Lead from the front

While you need to support your team, that doesn’t mean you should delay in making the hard decisions that are needed to help your business survive. The key is to communicate clearly and compassionately, and explain the reasons behind each decision.

  • Consider the decisions which should be made now, and be upfront about what you’re doing and why
  • Share the journey with the team, and clearly explain any challenges facing the challenge your business is facing, your response, and the expected benefits for the business and your staff. They’ll be more likely to accept any potential sacrifices if they understand the intended outcome. They may also be able to give valuable input, or provide alternative ways to delivering the same outcome
  • Lead from the front – sharing your experiences and share the vulnerability.  

3. Cultivate energy and optimism

It’s understandable for you and your staff to feel overwhelmed when in the face of so much uncertainty. It’s important to focus on moving forward and the things you can control.

  • Look for opportunities to make positive changes that will support the long-term health and resilience of the business
  • Where appropriate, digitise, automate and embrace technology
  • Set clear goals and communicate them with your team
  • Cultivate and communicate a sense of energy and optimism, to keep staff focused and motivated.

How Macquarie can help

The Macquarie Real Estate team is here to support you throughout the COVID-19 crisis, with personalised support. To find out more, contact your Macquarie Relationship Manager, call 1800 442 370, or visit macquarie.com.au/business-banking/real-estate-industry.html

Additional information

The information on this page has been prepared by Macquarie Business Banking, a division of Macquarie Bank Limited AFSL & Australian Credit Licence 237502 ("Macquarie") for general information purposes only, without taking into account your personal objectives, financial situation or needs. Before acting on this general information, you must consider its appropriateness having regard to your own objectives, financial situation and needs. The information provided is not intended to replace or serve as a substitute for any accounting, tax or other professional advice, consultation or service.