Sharing his views on crisis management, Vincent Lo, chairman of Shui On Group, says business leaders must refocus their game plan and avoid complacency when faced with uncertainty.
"You just have to be prepared for the worst," he said, pointing out that when the financial crisis hit, he refocused his business plan and strategy for the following three years.
Lo added that "frank" and "open" communication is essential when faced with trying times.
"Last year for example, we had, in house, what we call the 'CEO Speaker Series'," he said, explaining that each session provided an opportunity for discourse between the management staff about the company's plans moving forward.
I wanted my whole management team to adhere to the plan and make sure they were able to face any hurdles in the future, he concluded.