No crisis is an isolated, neatly contained incident, and the COVID-19 outbreak is exceptional by any standards. It comes with extreme scope and levels of uncertainty. It’s a situation that is well beyond the experience of most business leaders.
Source: Strategy+Business, March 6, 2020. Link. Preparation is key during crises.. Here are seven actions that leadership can take to ensure an organization is in the best shape possible to withstand what’s ahead:
- Review workforce locations and travel
- Revisit your crisis and continuity plans
- Evaluate the supply chain
- Identify potential points of failure
- Get communication right
- Use scenario analysis
- Don’t lose sight of other risks
<BQ> . . .the response window for a crisis is measured in months, while recovery is measured in years. Companies that are well-prepared will always recover more quickly.