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 is 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 business.
• 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 physical presence.
• 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 activities.

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 proper authorities.
• 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 much needed.

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 future.
• Develop a financial plan for your business regarding your capital, liquidity, and resources.

The COVID-19 Impact on the Economy

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.