Impact of COVID-19 on businesses
Companies will have to resolve, take up, and face the immediate challenges created by COVID-19. On the level of resilience businesses will need to address the challenges of short-term cash management and the broader issues of resilience during the virus-related outages and the economic impact in order to sustain themselves through this period. Companies will then be able to ensure their return by creating a detailed plan to get back up and running, one which deals with the changing situation and makes the economic impact clearer.
After analyzing the situation, understanding the repercussions and putting short-term solutions in place, it will be time to re-imagine themselves and find ways to reinvent every institution affected by the crisis. Finally, businesses will need to reform with awareness, and with clarity about how the regulatory and competitive environment of the industry can evolve. These five key determinants have been selected in order to identify a set of ‘common solutions’ in the second part of this chapter.
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