Right now, companies across every industry and every corner of the world are considering how to refine what they do in response to the Covid-19 pandemic. We are already in a recession and the economic outlook for some time to come looks bleak. Post Covid-19, customer habits are likely to have changed so much that we never go back to where we were.

What does this mean for businesses? Only 9% companies came out of the last recession thriving but at the same time a number of ground-breaking start-ups were founded - Airbnb, Pinterest and What’s App to name a few.

After the last few weeks of frantic discussions about furloughing staff, redundancies and cost-cutting, it looks like we’re about to come through the initial ‘lockdown’ phase of the UK’s response plan. This is at least some good news for businesses. But, it’s going to be 12 -18 months before a vaccine is widely available and, in the meantime, it’s clear that to keep the rate of infection down to a level we can cope with, we’re going to need to do multiple periods of social distancing. Add to that, the fact that post-Covid-19 customers’ buying habits are likely to have changed dramatically – and it’s quite a bit for businesses to get their heads around.  

So, how do leaders shift out of ‘survival’ mode to a new, more hopeful phase of recovery and success?

The answer is simple. By putting ‘purpose’ front and centre. Purpose is about the positive impact that your work has on the world - it’s not simply about CSR and charity. The well-established businesses that thrived in the last recession moved quickly to respond to the changing needs of all their stakeholders – their customers, people and communities. And new start-ups like Airbnb grabbed the opportunity to deliberately build an authentic and inspiring sense of purpose that would outlive the crisis.

Here are five ways to ensure you lead with purpose:

1. This is the time to focus externally on all the lives that your business affects. Consider every one of your stakeholders’ needs right now – employees, clients/customers, suppliers and the wider community. Listen to them carefully and prioritise their needs based on the facts you have at this moment. Regularly revisit those needs and be prepared to revise plans if a greater need emerges.

2. Be crystal clear on your organisation’s greatest strengths and use them to address your prioritised stakeholder needs. Right now, there are numerous examples of businesses – both big and small – supporting their people and communities: Vauxhall assembling ventilators, BrewDog making hand sanitiser and restaurants cooking for local hospitals are just a few. Think ‘what’s the biggest difference we could make right now?’ And focus here first.      

3. Test your decisions against your purpose and your values. People will remember what you choose to do at this moment for a very long time so make sure your actions are in line with who you want to be. You don’t have to have a defined purpose statement, trust your instinct for the business and ask yourself: ‘Does this feel authentic to you and your brand? Will this decision be a source of pride to us?’

4. Build an even stronger sense of common purpose with your employees and all your supporters by involving them in the conversation. We know it’s tempting to retreat into small teams so you can make decisions quickly, but you must be transparent about the challenges the company faces and the difficult trade-offs to be made. Ask people what they think and let them be part of the decision-making process. This way you’ll galvanise a deep commitment from everyone to work collaboratively for the common good.

5. Use purpose as a framework for all your communication both internally and externally.  When your actions derive from your purpose and values it makes it much easier for people to believe there will be a positive outcome despite tricky decisions having to be made along the way. Communicate honestly and transparently giving a clear rationale for decisions, including the trade-offs and other options you considered.  

The opportunity for you to stand out from your competitors simply by being human and having a committed sense of purpose is now greater than it’s ever been. It’s time to look after your employees, customers and the wider community – financial success will follow.

What will you be remembered for after this crisis is over?