The decision to reopen a business involves the difficult balance of considering the safety of employees and customers with the economic viability of the business. It also includes the accessibility of established and new supply chains.
This content has been assembled to help businesses understand the current situation and what steps are needed to protect employees, customers, supply chains. While considering how have the finances of the company have changed due to receiving loans, grants, or having less money in reserves.
The 3 Rs and the Nerve Center
Recover
Address the immediate challenges that COVID19 represents to the institution’s workforce, customers, technology, and business partners
Address near-term cash management challenges and broader resiliency issues during virus-related shutdowns and economic knock-on effects
Reopen
Create a details plan to return the business back to scale quickly, as the virus evolves and knock-on effects become clear
Reimagine
Imagine & Re-imagine the “next normal”. What a discontinuous shift looks like and the implications for how the institution/business should reinvent itself
Be clear about how the regulatory and competitive environment in your industry may shift
Nerve Center
Managing across the 3Rs requires a new architecture based on a team of teams approach
Some of this content has been adapted from the McKinsey & Company report dated April 13th.
