Since the World Health Authority declared the COVID-19 virus outbreak a global pandemic on 11 March 2020, we have seen unprecedented scenes of panic and hysteria.
It has been interesting observing peoples’ reactions, ranging from obsessively buying toilet paper and hand sanitiser, through to calls for solidarity and caring for the vulnerable in our community.
The COVID-19 outbreak has exposed gaps at many aspects of how our society functions. However, this global pandemic has also brought with it an opportunity for us to have to think outside the square regarding how we are to continue to run our lives and businesses in the event our contact with others is forced to be limited.
We are already seeing meetings and gatherings cancelled, museums and schools closing and people being asked to work remotely from home. People’s fear of the unknown is going to have a profound impact on our economy and businesses all over the country.
Now is the time to think about how to make your business more agile and flexible. How can you leverage off technology and create an opportunity for customers and stakeholders to engage with your business from a distance?
This crisis is forcing us to find a solution and to be innovative in the manner in which we engage staff and customers alike to enable business to keep functioning as efficiently as possible. Engage with your stakeholders and find out how you can assist each other to keep moving forward. Discuss the challenges with your customers and suppliers to find a solution to payment pressures.
A considered and well thought out plan to the challenges ahead will ensure that triggers are not activated to simply terminate contracts and other commercial agreements. Triggering defaults and termination will no doubt have a disastrous domino effect for everyone in the supply chain, which does not serve anyone’s commercial interests. Let’s truly be collaborative and think about how we keep the collective afloat and functioning, albeit at a slower pace.
Look after yourselves, your families and your community. We are stronger together and will get through these trying times much more successfully if we take a broader, commercial long term view.