– Protect your employees. The COVID-19 crisis has been emotionally challenging for many people, changing day-to-day life in unprecedented ways. For companies, business as usual is not an option.
– Set up a cross-functional COVID-19 response team. Companies should nominate a direct report of the CEO to lead the effort and should appoint members from every function and discipline to assist.
– Ensure that liquidity is sufficient to weather the storm. Businesses need to define scenarios tailored to the company’s context.
– Stabilize the supply chain. Companies need to define the extent and likely duration of their supply-chain exposure to areas that are experiencing community transmission.
– Stay close to your customers. Companies that navigate disruptions had better often succeed because they invest in their core customer segments and anticipate their behaviors. Customers’ changing preferences are not likely to go back to pre-outbreak norms.
– Demonstrate purpose. Businesses are only as strong as the communities of which they are a part. Companies need to figure out how to support response efforts.