Coronavirus business risks. It feels like almost every news story I read starts with some kind of bad news. They add in the cliche that we are in the middle of an unprecedented pandemic. Something we’ve never dealt with before. That message seems to be front and center every day. For many businesses, this is the worst-case scenario. But if you are Steven Minsky and you run a risk management firm, this is your time to shine. This is what you prepare for and he has written a good guide to mitigating business risks when coping with Coronavirus in the Knowledge@Wharton blog. His blog explains the importance of generating a plan of action and implementation for your organization.
Five Business Risks
There are some “key risks that organizations face” these days due to Coronavirus disruptions:
- Disruption Due to Social Distancing
- Plummeting Employee Productivity
- Stressed Supply Chains
- Recession, Unemployment and Investment Pullback
- Economic Instability and Civil Unrest
I know in our household, it’s been the plummeting employee productivity that is one of the largest business risks that I am facing. Trying to be productive with 3 young children running around is more challenging than any lawsuit I’ve worked on in my career.
Mitigation Strategies
Like any good consultant, Minsky provides five steps to take to help mitigate (make it less severe or painful) the fallout and damage from the Coronavirus pandemic:
- Readiness Assessments
- Risk Management Plan
- Business Impact Analysis
- Policy Management
- Incident Management
Minsky’s blog post does a good job of explaining each step and giving examples of how LogicManager has implemented each step. There are assessments for you to take from LogicManager.
But unlike many posts I’ve seen, Minsky also offers rays of hope at the end. Pollution has dropped in Wuhan and we may be able to work to affect climate change. Can your business change and adapt and possibly use this as a time to help improve our world?
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Next Steps
We’re in a strange place with Coronavirus and its effects on businesses. If you are thinking of starting a business or already started your business and want to discuss what kind of legal changes may benefit your business, give me a call and we can sit down for a Legal Strategy Session – (877) AMAYERS.
