For most of us, thankfully we are not involved directly in armed conflict, but what happens when there is one in a country. From the outside looking in, we know there will mass migration to safe areas of the world, ideally all those leaving have some form of money to ensure travel costs. After the mass migrations which will make headlines, the businesses that are left how do they function? Louai Al Roumani, Former CFO of BBSF Bank in Syria has written a book about how to function, which can be used for contingency planning if fortunately you are not involved in armed conflict. The book is titled Lessons from a Warzone, Penguin Business, London, UK, 2020.

In a war, almost everything is thrown into question. It is tremendously difficult to make any assumptions, because anything can change at any moment. The unthinkable becomes thinkable. Mr. Roumani’s position was the CFO in charge of leading the strategic planning of the bank in addition to the oversight of the finance function. The BBSF had 700 employees and 39 branches and continues to operate in Syria. Mr. Roumani was with the bank from 2011 to 2015.

Businesses are dynamic, and every business is bound to go through turbulence or tough times at some point. The lessons we learn in life usually happen at critical times. The more critical the context, the more valuable the experience may become. War increases your exposure to many different scenarios and accelerates the learning process, adding clarity concerning what really matters and what does not.

The book is divided into 10 chapters or 10 lessons.

Chapter 1 Don’t do things right; do the right thing

Many turning points, but no turning back. In the conflict of Syria, from the outside we often think in terms of for the government or against the government. In the country it can be neither, just trying to keep the operation functioning. It benefits customers.

One profound moment was in 2012, the conflict was going on but it was not going on where Mr. Roumani lived and worked, it was another part of the country. In 2012, it came closer to home.

Know thyself – 2 simple words by Socrates that have survived timelessly through the years. Self-awareness is key. Knowing yourself, to determine whether or not it is strategically worth navigating a crisis is fundamental.

All privately owned banks in Syria were founded by large regional banking groups. At the outset of war, BBSF was the largest privately operated bank in Syria.

The first decision made by owners is it worth saying in business. Some banks had a small presence in Syria and for them managing Syria was a big headache and not worth it. The owners did not have the risk willingness to operate. BBSF was a merger between a bank in Lebanon and a bank in Saudi Arabia with significant French ownership. The ownership helped BBSF develop a distinct identity that felt like it had sovereignty as a core advantage to be built upon. We had something belonging to us at the Syrian bank that we had to fight for. What is the culture of the organization?

Looking back from the comfort of my London, England home, make no mistake no one enjoys working in a crisis. But a crisis is sometimes part of the cycle of the business. Operating in a crisis can become a very enriching and rewarding experience. It allows you to choose to do the right thing, as opposed to doing things right.

The book has a few examples of doing the right thing.

Doing the right thing entails playing the long game, which requires your long-term goals to preside over your immediate short term goals.

Strategically, is the crisis worth navigating? Do you have the option of exiting, if it is not worth navigating?

Are you inclined to self-impose limits from the start on what to do and what not to do? Do you think these might limit your future self?

What opportunities can you seek out to exhibit noble behavior? What does it cost to be noble?

What is the downside to intentionally shocking some of the systems in place that have become more vulnerable in the crisis? what is the upside? can the upside be achieved instead in controlled environments?

Linking to dividend paying stocks, in an ideal world, you should be able to by these types of stocks and rarely look at them in terms of market price for quarters. All you have to do is to ensure the company is profitable and can pay a dividend. In reality, there are short term events that will focus your attention, but the short-term attention can mean when you receive your dividends you purchase stocks that allow you to weather storms, because you are buying at good prices and holding for the long term.

There are more questions than answers, till the next time – to raising questions.