COVID-19 Facts: How Business Leaders Should Take Action
At the current time, much is unknown about the
COVID-19 pandemic that has swept the globe. However, there is an undeniable
threat to local and international health and economic status. Business leaders, like you, have a key role
in implementing strategies and crisis responses to the growing threat of the
coronavirus. Here’s how business leaders
should take action:
Suggested Course of Actions
In accordance with the Centers for Disease Control (CDC) and their published Interim Guidance
for Businesses and Employers, we suggest four important courses of action to
take during these uncertain times.
Initiate Crisis Control and Prevention
The suggested course of action from WHO and
CDC is social distancing. However, when
the need arises, the prevention of disease and control of the establishment
should be followed in accordance with CDC guidance as businesses cannot fully
control the variables of the COVID-19 outbreak.
Develop an emergency response plan
that would provide guidance should the COVID-19 crisis affect your employees or
Rapidly disseminate proper and
factual information among the organization and affected constituents.
Implement proper social distancing
and sanitation for your establishment in all areas.
To minimize risks for as many
parties as possible, plan all external and internal meetings, government
sessions, and local and international gatherings through the use of
videoconferencing where possible and postpone large meetings that require
Employers with businesses in
multiple locations are advised to make plans and take actions based on the
outbreak of the virus in each locality.
Identify key jobs and resources
that are essential to maintain your business operations and develop a plan to
ensure that your business still operates in the case of a disruption in business
Provide Care for Workforce
Aside from possible remote work, your
workforce should be supported in all aspects necessary as you continue or limit
your operations during the COVID-19 crisis.
Immediately attend to all employee
and personnel concerns such as remote work, HR concerns and policies, updated
regulations, first aid, response line, and travel restrictions.
Structure remote access and
communication lines for your workforce and develop a concrete strategy identifying
how employees will continue to work, if there is a need to temporarily stop
work, or work remotely.
Encourage employees to follow
government guidance regarding self-quarantine where necessary. Emergency cases should be transferred to the
Ensure surfaces or areas in the
workplace contaminated with the virus (including suspected contamination) are
properly cleaned and disinfected to prevent employees' exposure.
Plan a Supply Chain Response
As most businesses rely on the supply chain, there
are many different variables that could affect the supply chain line as
businesses deal with the fallout from COVID-19. The goal of a supply chain response is to
mitigate, or if possible, eliminate the ensuing adverse effects.
Identify possible supply chain
alternative scenarios that could fit your business model.
Identify and properly select
different locations and territories that have minimal cases of the virus for
continued business operations.
Provide possible substitutions for
parts or products in the event of a shortage in supply.
Identify products and services of
utmost importance to customers and prioritize their supply to areas where they are
Assess Possible Financial and Asset Protection
Global markets are watching the effects of the
virus during the outbreak. As such,
immediate financial and asset protection would be necessary during the volatile
nature of the market at this time. Proper
action should be taken to protect your company in the months to come.
Assess vulnerable areas, such as cybersecurity,
immediately as markets change and as you revamp your operations.
Think about possible transactions
and disclosures that need attention, whether currently or in the foreseeable
Develop a financial plan for your
business regarding your capital, liquidity, and resources.
The COVID-19 Impact on the
There are many questions swirling regarding
the effects of the COVID-19 outbreak: What are the negative effects of COVID-19?
How long will it last?
There is a persistent financial effect related
to COVID-19 as markets and stocks continue to slump and are experiencing a
decline. Effects across the majority of industries
are expected. Economists are tracking the financial effects
using real-time data, as long-term data is unpredictable during this time. Supply chains are being affected by demand and
supply, joblessness is on the rise, and cash flow and stock prices are decreasing. It is possible
that this current financial turmoil could take years to recover. For now, the
best course of action is to stay updated with the latest news regarding the outbreak
and its impact.