BCG provides crisis management responses for leaders that apply to Coronavirus epidemic, including regularly updating view of situation, evolving plans, increasing resiliency and preparing for next crisis

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Lead Your Business Through the Coronavirus Crisis

Crisis Management Responses – BCG provides crisis management responses for leaders that apply to Coronavirus epidemic, including regularly updating view of situation, evolving plans, increasing resiliency and preparing for next crisis

Summary:

Martin Reeves, Nikolaus Lang and Philipp Carlsson-Szlezak from Boston Consulting Group (BCG) shared on February 27, 2020 at Harvard Business Review crisis management tips for companies to lead their organizations through and beyond pandemics such as the Coronavirus. Their recommendations include:
  • Update Intelligence Daily – Gather and update data on pandemic and news on daily basis but sift through information, expert forecasts and opinion to gain clarity on what are facts and the implications
  • Make Plans Iterative – Create living documents of plans and communications that are time-stamped with “best current view” to have flexibility and retain what is essential to learn and adapt in a rapidly changing situation.
  • Reduce Bureaucracy in Communications – Assemble small trusted team and enable them to make rapid tactical decisions on communications
  • Balance Your Response – Communicate policies on travel restrictions, remote work, actions to stabilize supply chains, and impact to business promptly, clearly, and in balanced manner, while being considerate of employees’ needs for education, health care, daily provisions, etc., as well as how organization can help and contribute to its supply chain, industry, community, healthcare and local government
  • Emphasize Resilience in Policies – Make capacity redundant to manage supply fluctuations, mobilize diverse crisis management team with differing perspectives and solutions, create modular supply chains where factors or players in system can be combined in different ways, look at several downside scenarios, and develop contingency strategies for each
  • Prepare Now for Next Crisis – Prepare for next crisis (or next phase of current crisis) rather than merely reacting to events and document actions taken, lessons learned and impacts for later review, while also noting changes to businesses and society as result of pandemic which should be reflected in the company’s future plans
The Harvard Business Review article can be read for free at https://hbr.org/2020/02/lead-your-business-through-the-coronavirus-crisis
Company: Harvard Business Review (HBR)
Categories: Business operations, Leadership teams, People and culture, Strategy, Supply chains

Original publication date: February 27, 2020

Date last updated: April 6, 2020