With the new COVID-19 crisis in place, corporate leaders should focus on a variety of crucial issues and take action to adapt not only to extreme industry shocks but also to re-form their industry and recovery strategy.
There are 3 priorities that business leaders should think about to recover their business affected by COVID19 crisis, which consists of:
- Prioritize protection and continued participation of people
It is important to ensure staff safety and well-being at work. One thing business must do is implement or extend flexible working practices and additional regulations that encourage workers to work remotely and safely.
- Reshape plan for market sustainability
First, they have to do short-term liquidity evaluation, strict discipline on working capital and particularly on receivables collection and inventory creation. Next is assess financial and operational risks and respond quickly.
- Build resilience and brace for the new normal
When the epidemic of COVID-19 is managed, enterprises may continue to review and renew Business Continuity Plans (BCP).
What is your plan for crisis control? Need help managing your organization crisis? Each crisis is different, if you have a crisis contact us immediately at https://www.crisismanagementcentre.com/contact-us/
We are ready to manage your crisis.
