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It is official, the virus has gone global, and businesses are severely affected as supply chains and labor are impacted. The new epicenters are outside China, and what seemed to be an isolated problem is now a global problem as the world is much more connected than before.
The COVID-19 crisis has been evolved over the weeks, and from our engagement with our clients and research data from consultants and experts, here are some tips that we picked up that we think are good advice for companies.
- Monitor situation daily
The situation changes every day. Events unfold daily, and the government reacts and changes guidelines according to the situation. New strategies on containment may change policies. New emerging technologies are getting updated, and the way we do business is changing.
Be updated with the latest news and think critically about how it will impact your business and operations. Have a meeting with team leaders every 72 hours to update the situation and adjust business plans accordingly. There may be weak signals overlooked and be prepared for the worst.
2. Take all the information with a pinch of salt
Experts are pressured to come up with solutions without fully understanding the situation. Political biases may put pressure on the messaging as well…
