3. Communicate and execute. This is vital to regaining the confidence of all stakeholders, from skeptical managers to risk-averse shareholders.
These three steps will work best at those companies that have avoided the misconceptions revealed in our survey, misconceptions that may keep some companies from positioning themselves to survive whatever is around the corner — or from making the most of the opportunities that the crisis will provide. In all of these efforts, there’s no time to waste.
Shumeet Banerji is chief executive officer of Booz & Company and is based in London. Since joining the firm’s Chicago office in 1992, he has served clients in both the public and private sectors from offices around the world, including the U.S., Asia, and Europe.
Neil McArthur, based in Amsterdam, is managing director of Booz & Company’s European business and a member of the firm’s executive committee. He has more than 24 years of experience in the energy, chemical, and utilities industries.
Cesare R. Mainardi, based in Cleveland, is managing director of Booz & Company’s North American business and a member of the firm’s executive committee. During his 22 years with the firm, he has worked with North American and European Fortune 500 companies in the consumer products and automotive industries.