As economists debate whether COVID-19 is a “black swan” event, business owners should be proactive in preserving cash flow and preparing for future uncertainty. We still don’t know the scale of the impact of COVID-19 on the global economy. However, business owners should be stepping back to stabilise, rise to their current challenges or use them as opportunities to pivot in new directions to survive. In the long-term, businesses that prioritise a resilience strategy addressing the opportunity and risk in potential future crises–whether economic, health or climate-related–are positioned to succeed.
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