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How to deal with coronavirus as a business: Makeen Advisors

It is hard to escape the news about COVID-19. Statements by leading health authorities and actions taken by governments across the globe underscore the significance of COVID-19 and the importance of having a perspective and understanding how to deal with it – both as an individual as it relates to protecting oneself and one’s family, but also as a business, says consultancy Makeen Advisors.

According to the advisory, there are three dimensions to this analysis:

Even though it is easy to get lost in the breadth of publications out there, fortunately, there are a lot of strong and trusted resources for awareness and prevention that can be referred to inform decision-making. Examples include the WHO and the European Center for Disease Prevention and Control.

Additionally, Makeen advises organisations to research trusted resources in their local geography.

With regard to scenario planning and preparedness, in light of the fast transmission speed of the virus, and the massive actions taken to curb its spread, it is critical that each organization has a perspective of how to deal with a number of scenarios (which are real and already affecting a large number of people), including:

Finally, Makeen advises, it is important to realise that this situation is evolving very rapidly (e.g. in terms of number of people affected, regions affected, actions taken by government stakeholders, etc.).

Therefore, it is critical to have a system in place to continuously monitor new developments and to be able take rapid action as necessary in order to limit damage (e.g., a taskforce combining leaders in different teams as relevant per industry), as well as to measure whether the organisation is acting as per plan if and when anticipated scenarios materialise.

The above is by no means a complete list, but it can serve as a thought-starter on how to be better prepared, and to increase awareness of the right questions even if the answers are not yet 100% clear.

To facilitate the planning around this issue, Makeen Advisors has compiled a process and check-list thought-starter (to be edited and extended as relevant in the specific context of your organisation) that can help in that planning process:

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