Panasenko decided to take the risk. âI realized that if we didnât do it, we would definitely lose our business. If we did it, then at least we had a chance,â he recalls. âThe majority of our competitors took the first decision to stop their operations and to get some cash in. But we believed that Ukraine would resist, and thatâs why we continued. It was a bold decision, but it paid off.âÂ
Drawing on his experience over the past year, here are five lessons from Panasenko on how to lead and take bold bets during a crisis.Â
Prioritize the safety of your staffÂ
Panasenko was originally due to graduate from IMD in April 2022, but Russiaâs invasion forced him to suspend his studies while he focused on the survival of his business. The first few months were chaotic. Panasenko worked 24/7 ensuring the safety of his staff, helping evacuate employees from cities that were being heavily shelled, and opening an in-house kindergarten in a bomb-proof building at Avroraâs headquarters in Poltava, around 115km from the Russian border.Â
Avrora also provided body armor, helmets, and first-aid kits to the husbands of its employees and around 300 of its own workers, equivalent to around 20% of its male staff, who are serving in the military.Â
Be a calm, caring, and confident leaderÂ
Since Panasenko first started studying for his EMBA in 2019, first the COVID-19 pandemic, and now the war, have given him ample opportunity to hone his crisis leadership skills. He believes a wartime leader must provide clear instructions, while equally showing that you can listen to the concerns of your staff. You must appear confident, no matter how you are feeling, he said, adding: âMy leadership classes helped prepare me a lot for that.âÂ