COVID-19 has clearly shown that not having a robust global system for dealing with disease and pandemics comes with a hefty price tag. Despite our technological advances and the complexity of our society, disease can instantly change the course of history. In the case of the Covid-19 economic crisis, the price tag will no doubt be in the trillions.
You cannot undo what has happened, but you can focus on what to do when the pandemic is over and life slowly returns to normal. In his recent article, “How to Hit the Ground Running After the Pandemic,” author Geoffrey James explores what businesses need to do to jump start their operations once the pandemic is in the history books.
We know that the pandemic will eventually end and we can be confident that the economy will eventually rebound. Whenever that happens, business owners need to be ready to charge back in.
Almost everything about this economic downturn is unique. Take, for example, the fact that the U.S. has just seen its largest-ever economic expansion. The gears and wheels of the economy were spinning along quite quickly before the pandemic hit which could help restart the economy faster than in past severe economic downturns. Many experts feel that this particular economic downturn could be short, but of course this is speculation. There is no way to know for sure until COVID-19 is in the rearview mirror.
James provides 12 questions divided into four categories: Facilities, Personnel, Manufacturing, and Marketing. See his questions here.
The pandemic caught most of us, including many experts, off guard. Mankind has been lucky to dodge many bullets, such as Ebola and SARS, but the need for planning has seldom been more clear. As James points out, “Failing to plan is planning to fail.” We, as businesses, need to plan for a recovery and simultaneously prepare for a resurgence of Covid-19 or another pandemic down the road.
Copyright: Business Brokerage Press, Inc. and Northeast Business Partners.
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