Doing business in a Coronavirus world

The coronavirus outbreak presents a global health and economic crisis. The economic impacts are felt across the world in various industries. Disrupted manufacturing, broken supply chains, empty stores, suspension of international travels, avoiding public spaces (restaurants, gyms..etc.) and employees choosing to stay at home than going out to work.

Companies may also struggle because investors are becoming more reluctant to invest money, and banks may also have to tighten lending standards.

With that, many businesses are feeling their way towards understanding, reacting to, and trying to figure out how to stay operational in this coronavirus world. Given the very different degrees of preparedness across companies, the further potential for disruption, and the value of being better prepared for future crises, it’s worth trying to extract what we have learned so far.

Fighting misinformation - In today’s hyper-connected online world, fake news, rumour and misinformation can travel faster than any pathogen. Many companies are offering new tools to share reliable information and counteract myths.

Embracing the Virtual World - The internet is one of the greatest and powerful inventions of humanity, and we should continue to utilize it. With the coronavirus outbreak, working from home is no longer a privilege, it’s a necessity. Be clear on your policies — where they apply, how they will work, and when they will be reviewed.

Trainers and educators have launched online classrooms, enabling teachers and professors to conduct online courses from home.

E-commerce is inevitable - Restrictions on travel and congregation will trigger employee needs for access to education, health care, daily provisions and the like. Although people may go out less, their basic needs will always be there.

From an employee standpoint, companies can provide information or even access to equipment or tools (masks, healthcare..etc.) to help in the crisis. From a market expansion perspective, it is also good to start considering expanding one’s online presence via e-commerce.

Use experts and forecasts carefully - Different businesses, will be affected in different ways. Logistics may face a different challenge compared to retail or technology companies. Experts in epidemiology, virology, public health, logistics, and other disciplines are indispensable in interpreting complex and shifting information. They are needed for businesses to adapt and react to the potential threat to its people and supply chain.

Business continuity planning & management - A crisis doesn’t imply immunity from market performance and unfortunately, some businesses will not be able to adapt and perhaps even die. For traditional businesses, they must attempt to stabilize supply chains by using safety stocks, alternative sources, and working with suppliers to solve bottlenecks. Where rapid solutions are not possible, co-develop plans, put in place interim solutions, and communicate plans to all relevant stakeholders.

With BCM, you can understand how your business is being affected, where mitigation is required, implement the prepared mitigation systems and how quickly operations are recovering.

Being part of the broader solution - As a corporate citizen you should support others in your supply chain, industry, community, and local government. Consider how your business can contribute, be it in health care, communications, food, or some other domain.

The Covid-19 crisis will change how we operate our businesses and will fuel areas like online shopping, online education, public health and the like new wave of innovation investments.

We must reflect on what we’ve learned so far but also prepare for the next crisis and for a changed world.

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