Coronavirus, also known as COVID-19, has rapidly spread across the globe, affecting nearly every country in the world. In addition to the health and humanitarian crises it is causing, there is no doubt that it is also having a huge impact on the world economy and nearly every sector and industry, especially in regard to supply chains. Despite the clear and profound negative effects, this situation also presents an opportunity to not only to test and review crisis management systems, but to improve resiliency and better prepare for future crises.
Here are four ways your business can benefit from the coronavirus pandemic in the long term:
Now is a good time to get used to the idea that the only constant in this quickly-changing world is change. Work on improving your company’s evolvability and trust your team to formulate non-traditional solutions. Implement them sooner rather than later, and don’t allow bureaucratic processes or information overload keep you from taking action. Once you’ve tested new solutions, carefully observe how they work and reassess as the situation evolves, adjusting course as necessary. Success in the long-term will lie in your ability to continually adapt, and those who can do it more quickly and in innovative ways will come out on top.
This is a poignant reminder of the importance of regularly updating your crisis management plans and systems. They need to be reviewed regularly as information becomes available and new threats arise. When updating them, focus on building redundancy into your company’s systems, processes and long-term plans, and rely on multiple approaches.
For short-term crisis management, you can improve communication by focusing on updating information regularly throughout your organization on all levels. By establishing a small team of trusted decision-makers, and giving them the autonomy they need to come up with creative and non-traditional solutions, you will be able respond and adapt quickly as the situation evolves.
Despite the enormous strain this crisis is putting on the global economy, there are ways to ensure that your company can make the best of it and be better prepared to overcome new challenges. Keeping an open mind, implementing creative solutions, and focusing on building modular, flexible and adaptable systems and processes will allow you to come out of this situation more prepared and ready for whatever the future may hold.
By Alma Rosa Ortega López, American Industries Group Institutional Relations
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