What’s your stance? Is Covid-19 an opportunity or breakdown for your business? What we know to be true is that-
- Coronavirus is continuing to spread. It is a “textbook pandemic” due to the fact that humans seem to have no or low immunity to the virus, it has the ability to replicate efficiently in our bodies, can cause death or serious illness, and is transmissible from human to human as told by Fortune editor-in-chief, Clifton Leaf, in the Brainstorm Health;
- 94% of the Fortune 1000 are seeing supply-chain disruptions as a result of the coronavirus outbreak;
- European South Korea contagion now looks increasingly likely. The tourism sector is getting particularly beaten up today;
- Stocks are sliding down globally and playing catch up;
- As of Feb 25th, the stats climb with China (77,658 cases, 2,663 deaths) and South Korea (977 cases, 10 deaths), and Italy (229 cases, 7 deaths).
What can we take from this? First, stay alert. Second, don’t underestimate the economic effects of the coronavirus outbreak in your business. As a breakdown, it is likely your company is facing or may face supply chain disruptions. Logistics and operation divisions with these rapidly changing dynamics are challenging employees to be highly adaptable and learn new skills quickly. As an opportunity, companies like Bath & Body Works are producing unforeseen revenue in Q1 scrambling to create bandwidth to meet the rise of consumer demand for hand sanitizer sales.
Sustainability no matter what the stance. Business must go on and if so, then the focus is to develop and sustain a continuum of advanced solutions, breakthrough results, and competitive growth. Whether you see coronavirus as a breakdown or opportunity, organizations should ramp up internal agility and innovation so that employees see change as part of the job. A very possible result is that people at all levels will begin to think newly and execute on the necessary level of innovation to produce and sustain dramatic new levels of revenue, profits, and growth in these trying times. As a follow-up to this blog, check out Building a Change Ready Culture from Insigniam Quarterly.
Stay engaged, inspired, and energized.