Lead Your Business Through the Coronavirus Crisis
Source | hbr.org | Martin Reeves | Nikolaus Lang | Philipp Carlsson-Szlezak
The Covid-19 crisis has now reached a new critical phase where public health systems need to act decisively to contain the growth in new epicenters outside China.
Clearly, the main emphasis is and should be on containing and mitigating the disease itself. But the economic impacts are also significant, and many companies are feeling their way towards understanding, reacting to, and learning lessons from rapidly unfolding events. Unanticipated twists and turns will be revealed with each news cycle, and we will only have a complete picture in retrospect.
Nevertheless, given the very different degrees of preparedness across companies, the further potential for disruption, and the value of being better prepared for future crises, it’s worth trying to extract what we have learned so far. Based on our ongoing analysis and support for our clients around the world, we have distilled the following 12 lessons for responding to unfolding events, communicating, and extracting and applying learnings.
1) Update intelligence on a daily basis.
Events are unfolding with astounding speed, and the picture changes on a daily basis. Only several days ago, it looked like the outbreak was mostly confined to China and was being brought under control. More recently, a number of fast-growing epicenters of infection have sprung up beyond China, signaling a new phase and potentially necessitating new strategies of mitigation rather than containment. Our team initially decided to communicate updates every 72 hours, but we moved to a daily cycle, not only for updating data, but also for reframing our overall perspective.
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