New Delhi, March 17 (IANS) With the novel coronavirus outbreak now spreading to over 150 countries in the world, it is time for business managers to act and shun the "wait and watch" approach, says a report.
As CEO, you must be out in front with a planned cascade of possible actions, probably more aggressive than your team can imagine right now, according to insights shared by Bain & Company, one the world's leading strategy and management consultancies.
As the process of containment and slowing the spread of COVID-19 in each country will create major disruption in itself, executives should prepare for the worst, said the report, adding that there is a high likelihood of a substantial revenue disruption, leading to a potential liquidity crisis for many businesses.
To deal with the disruptions unleashed by COVID-19, CEOs need to appoint a senior, fully dedicated COVID-19 war room team focused on this all the time.
Among the measures CEOs need to take, the experts suggested three immediate actions: Get the full team aligned with the true severity of the macro COVID-19 situation and worst-case financial scenarios, establish a dedicated senior team in a war room setting and set up a plan for at least 6 weeks.
Executives should also make safety the No.1 priority, the authors said.
"Customers will change some behaviours permanently, accelerating prior trends; bold action now can set you up for success through the downturn and beyond," they said.
"As the economic fallout continues, business leaders will want to first model their exposure to the coronavirus fallout and street test their P&L (profit and loss statement) and liquidity," they added.