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

To read more on article for free, please visit https://mp.weixin.qq.com/s/HMLPW48jGDuB8w19H2lMsQ

Original publication date: February 5, 2020

Date last updated: April 14, 2020