Insight

What actions should we be taking to protect our businesses? These...

9. April 2020
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As the impact of the crisis intensifies, businesses are preparing for — and undergoing — extreme disruption. The Covid-19 threat is unprecedented and there is no single approach to managing successfully through this environment. So how do you weather this storm, create stability and protect value for the eventual recovery?

Act fast
First and foremost, protect the physical and emotional health of employees and partners. We must take care of those who contract the virus and join the global community in taking steps to slow its spread.

Be rational
It is easy to get swept up in the adrenaline of crisis management. Once emergency plans are in place, work on protecting the franchise. Stay close to clients. Invest in relationships.

Think ahead
Once stability has been established, look to the future. Those that thrive will be the ones thinking about opportunities. Investments should continue. Capital expenditures may be extended, budgets adjusted.

Right now in the Covid-19 crisis, the decisions you make really matter to your business’s chance of survival.

Article originally published on thetimes.co.uk.

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