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COVID-19 Facts: How Business Leaders Should Take Action

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At the current time, much is unknown about the COVID-19 pandemic that has swept the globe. However, there is an undeniable threat to local and international health and economic status.  Business leaders, like you, have a key role in implementing strategies and crisis responses to the growing threat of the coronavirus.  Here’s how business leaders should take action:

Suggested Course of Actions

In accordance with the Centers for Disease Control (CDC) and their published Interim Guidance for Businesses and Employers, we suggest four important courses of action to take during these uncertain times.

Initiate Crisis Control and Prevention

The suggested course of action from WHO and CDC is social distancing.  However, when the need arises, the prevention of disease and control of the establishment should be followed in accordance with CDC guidance as businesses cannot fully control the variables of the COVID-19 outbreak.

Provide Care for Workforce

Aside from possible remote work, your workforce should be supported in all aspects necessary as you continue or limit your operations during the COVID-19 crisis.

Plan a Supply Chain Response

As most businesses rely on the supply chain, there are many different variables that could affect the supply chain line as businesses deal with the fallout from COVID-19.  The goal of a supply chain response is to mitigate, or if possible, eliminate the ensuing adverse effects.

Assess Possible Financial and Asset Protection

Global markets are watching the effects of the virus during the outbreak.  As such, immediate financial and asset protection would be necessary during the volatile nature of the market at this time.  Proper action should be taken to protect your company in the months to come.

The COVID-19 Impact on the Economy

There are many questions swirling regarding the effects of the COVID-19 outbreak: What are the negative effects of COVID-19? How long will it last?

There is a persistent financial effect related to COVID-19 as markets and stocks continue to slump and are experiencing a decline.  Effects across the majority of industries are expected. Economists are tracking the financial effects using real-time data, as long-term data is unpredictable during this time.  Supply chains are being affected by demand and supply, joblessness is on the rise, and cash flow and stock prices are decreasing.  It is possible that this current financial turmoil could take years to recover. For now, the best course of action is to stay updated with the latest news regarding the outbreak and its impact.