Be bold in crisis, Joyce says

Being bold and seizing the opportunities which present themselves – that’s the path out of crisis for businesses in post-pandemic world, according to Qantas Chief Executive Officer Alan Joyce.

Speaking with ANZ Chief Executive Officer Shayne Elliott at the ANZ Finance & Treasury Forum 2020, Joyce said rather than playing it safe, the best leaders will be on the lookout for the big ideas that will define their businesses for the next decade.

“Sometimes in crisis [businesses] lock down,” he said. “They go back into, like a turtle, back into the shell. They just go into protection mode. And you lose huge opportunities if you do that.”

“It's being bold and taking the opportunities, I think, are key.”

Elliott said the role of leaders was to be realistic but optimistic about a company’s future, a mindset which would help take advantage of the recovery.

“It is about that ability to see opportunity, to see the fact that change means there are new needs that customers have,” he said. “And those that get there first will do well.”

“If you have that company culture that says we listen, we observe, we see the change and we can get ahead of it - I think there is real opportunity.”

Elliott said businesses can’t afford to spend time looking back, hoping for a ‘return to normal’.

“I don't want ANZ to go back,” he said. “I want it to go forward. There'll be some things that we do want to protect, but there's a lot of new opportunity.”

Joyce said the nature of crisis meant perfect information was rarely available, and leaders often need to make judgement calls simply based on what they have.

“You'll never have any regrets if it goes fast and then have to make adjustments as you're going,” he said.

Watch the video above to find out more.

Shane White is Content Manager at ANZ Institutional