Video: 5 Business Priorities To Confront A Crisis
As businesses look to address the impacts of the novel coronavirus (COVID-19) pandemic, the considerable uncertainties surrounding the crisis and its fast-changing nature can easily cloud leaders’ thinking about what’s most important.
To move forward effectively, it’s critical that organizations focus on the areas that have the greatest significance. Understanding these business-impact priorities will enable executives to use crisis-response and decision-making frameworks to determine the best way forward with each issue. They are:
- Protecting people and assets
- Protecting the balance sheet
- Maintaining or increasing revenue
- Managing costs
- Revisiting business strategy
The list brings what matters into focus. Use this tool, along with the Black Swan Decision Framework and Pandemic Crisis Management Model, to guide decision making in times of uncertainty.