Overcome the difficult times together | Six suggestions on how to turn the crisis into an opportunity
Capitalizing on Crisis at Hand – Ernst & Young provides six crisis management tips to turn COVID-19 into opportunity, continue their business and recover from disasters
Summary:
Ernst & Young China provides six suggestions to turn crisis into opportunity, based on their experience in crisis management, business continuity and disaster recovery. These include:- Analyze, Predict and Adjust – Analyze opportunities, emerging trends and external environment, and adjust strategies for market, procurement, logistics and production
- Protect Employee Health – Conduct employee health training, improve medical security system, monitor and share health information, and apply remote work arrangements
- Reduce Financial Pressure – Take stock of cash reserves and future expenditures, reduce unnecessary cash expenses, formulate detailed plan for use of funds, ensure sufficiency for operations, and broaden financing
- Adapt Marketing and Procurement – Form business alliances; inventory existing contracts and orders, and actively communicate with customers to minimize losses; find backup suppliers and alternative logistics methods; and ensure safety stocks
- Contribute to Social Responsibility – Corporate social image and integrity are often more important than temporary profitability, and companies that have achieved social credibility will be favored by various stakeholders
- Fortify Crisis Response and Continuity – Establish standardized and process-oriented crisis response management mechanism in advance, including decision-making, resource allocation, information processing, and backup personnel or facilities
Company:
Ernst & Young
Categories:
Cash flow and financial management, Customers, relationships and channels, People and culture, Revenue protection and opportunities, Strategy
Source:
Original publication date: February 5, 2020
Date last updated: April 14, 2020