Managing a complex and fast-moving crisis like COVID-19 can be extremely challenging. The greatest damage to an organization often lies in unsuccessful management of the situation, rather than in the effect of the crisis itself. A swift, effective response will significantly alter the outcome of the crisis and minimize its impact; a random, uncoordinated response will almost certainly exacerbate it. This article discusses the steps companies can take to help ensure their response to COVID-19 is well-managed and effective.
The daily changing news on COVID-19 has profitable and well managed companies needing to take drastic action to maintain headroom. There are many actions companies can take – all of which focus on improving the immediate cash position and identifying and addressing existential risk. While businesses need to continue to focus on retaining the core business fundamentals that have made them successful, in the immediate term survival is of the essence.
Insight and lessons: