The coronavirus pandemic has rained havoc on companies' business plans. Recognizing that it will take time for the country (and the rest of the world) to fully come out of this pandemic, companies will need to create a business plan that will address each stage of this crisis. The following are the anticipated 5 stages of the COVID-19 pandemic and some recommendations on what should be considered in updating a business plan.
Published April 16, 2020
At present, most of the states have issued “Stay-at-Home” orders. In order for businesses to stay operating, they have had to implement new operating procedures while protecting the health and welfare of their employees and customers. The following are some of the processes that companies are currently following.
It is anticipated that there will be a gradual reopening of the economy once we have reached a more manageable level of health safety. When the reopening opportunity comes for a business, they should consider some of the following.
"Restricted distancing" will become the norm during this critical phase of a reopened economy. The work environment will change as companies will probably stagger work hours with employees coming in at different times of the day. Procedures at stores and restaurants will also change. Restaurants will place limits on their indoor dining (operating dining rooms at 50% capacity). Department stores will limit or prevent the "trying-on" of clothing, and some may continue their "no-returns" policy. Banks may continue to limit their "in-person" services. All of these policies will take into account the recommended health safety standards. Companies should plan for these new restrictions in advance.
Unfortunately, the possibility of a second wave may occur in the Fall. Companies should create contingency plans and be prepared for this to occur. The lessons learned during the "Stay-at-Home" phase should be reviewed and updated. This will help companies better prepare for any challenges that may occur in the Fall.
The end of the coronavirus will happen when a vaccine is readily available to the general population. Still, there will be permanent changes in consumer sentiment and purchasing patterns. Businesses that show flexibility and can adapt to these changes will come out of the pandemic stronger and more successful in the long run.
While the coronavirus will be difficult, companies working with their customers and employees will help the nation get past this pandemic. The lessons learned during these difficult times will help in planning for possible health crises in the future.