The COVID-19 pandemic is spreading like wildfire, and with every passing minute, we receive the latest updates. With the evolution of the situation, most small business owners doubt the steps and plans to survive, mitigate risk, support customers, and protect employees.
As the IMF has forecasted a 6.1% decline in advanced economy gross domestic product (GDP) this year and world trade is expected to shrink between 13% to 32%, businesses are intensely focusing on discovering survival and recovery plans. We need effective strategies to stay profitable and afloat during the crisis and after the economy reopens.
The Centers for Disease Control and Prevention’s (CDC) guidelines regarding the current lockdowns and preventive measures against the global pandemic have compelled businesses to not only revise their survival strategies and recovery plans but also take into consideration what the future of work will look like after the pandemic ends.
The Business Survival and Recovery Plan—Some Recent Cases
In responding to the crisis, some companies are following the underlying frameworks to lead efforts when situations rapidly change, as with COVID-19, and a rigid plan is inadequate. Read more here…
Source: HR Daily Advisor