The economic impact of the COVID-19 pandemic is expected to be worse than that of the 2008 Global Financial Crisis. This requires immediate and decisive actions by companies to protect staff, ensure business continuity and strengthen finance. Previous economic crises, however, have also shown us that their effects will be felt for years to come and could lead to structural changes in the business environment. How then can companies prepare for and adapt to a post-COVID-19 world, and remain focused on the here and now at the same time?
Next to the immediate actions to safeguard day-to-day business, we recommend companies consider various steps to prepare for and adapt to a post-COVID-19 reality and strengthen their long-term competitiveness, including:
- Work across multiple time horizons in strategic planning and risk management.
- Put emphasis on long-term competitiveness of the company in investor engagements.
- Integrate interests of key stakeholders in key decision-making processes.
- Align all COVID-19 responses with the corporate purpose and values.
- Assess the ability to enhance the resilience of the company.
For a full explanation of these steps, download the article below.