The number of COVID-19 confirmed cases is increasing and government responses are escalating rapidly around the globe. The coronavirus pandemic and the resulting decline in business performance, stock markets and consumer confidence could lead us into a global recession. In order to weather the storm, business leaders need to execute their crisis and business continuity plans – or rapidly develop them if they are not yet in place – to mitigate the disruption to their operations. A coordinated response is vital, and business leaders need to ensure they have the right people in their response team, who know what their roles and responsibilities are in areas such as human capital, IT, supply chain, communications and finance. Here we discuss a couple of critical business areas and actions leaders should consider in response to COVID-19.
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