Coronavirus (Covid 19) and Business Preventive Measures

What to do today to prevent a crisis?

Very few companies anticipate a crisis. Even more exceptional, is finding companies which have a prevention plan ready in time.

Here are some recommendations:

1. Identify how the current context will impact your business.
2. Identify your clients, suppliers and essential stakeholders for your business.
3. Identify the commitments, contracts or agreements you have entered into.
4. Identify which commitments or liabilities of your company or your counterparty could be compromised or not fulfilled.
5. If you believe that the current context will generate a contractual breach by your company, identify if you have exit clauses or mechanisms to make compliance more flexible.
6. What are your cash requirements and your sources of financing?
7. Identify other contingencies that can impact your business.

With updated and organized relevant information, the management of each company must prepare a crisis prevention plan. Prompt action is required to preserve business value. In times of uncertainty, let us put chance aside and start taking action.