Unlike any previous crisis, the COVID-19 pandemic poses threats never encountered before. With everything at stake, you need to act now, and act responsibly.
The measures that your organisation takes now will affect how you’ll be able to minimize business disruption, gain customer trust and protect employees. In accordance to each aspect of your organisation, we’ve listed some immediate measures that can be taken.
Shift your marketing strategy and spending to optimize demand. Avoid slashing prices aimlessly, instead opt for a tangible promotion strategy. Suspend underperforming business units and sales channels immediately.
With multiple manufacturing units hit around the world, you need to ensure adequate supply. Break down operation units and optimize workflow.
Slow down with spending and halt expenses that aren’t critical.
Set up a team to manage different streams – track each and every move. Get management aligned with the severity of this crisis. “Wait and see” response would be very harmful if went along with.
Realign your commercial organisation, product offerings and supply chain in accordance to changing market conditions.
Be ready to move quickly as opporunities present themselves. Examine valuations and supply-chain, if dependent on China, take decisions carefully.