COVID-19 is unlike any previous crisis; traditional ‘crisis response’ approaches will not be sufficient.
The process of ‘containment’ and ‘slowing the spread’ that is phasing in country by country will create a major disruption in itself, irrespective of the seriousness of the virus spread itself. Businesses should prepare for the worst, and be thankful if it doesn’t eventuate; a ‘wait and see’ approach is a non-starter.
There is a high likelihood of a substantial revenue disruption, leading to a potential liquidity crisis for many. What’s more, the recovery may not be a quick ‘bounce back’, plan for multiple quarters of lower revenue.
As CEO, it’s critical for you to be out in front with a planned cascade of possible actions based on which scenarios unfold, likely more aggressive than your team can imagine right now. Your employees and customers are likely experiencing fear/panic.