Business continuity amid COVID-19
To ensure business continuity in light of COVID-19, PNG companies are implementing actions to contain costs, revise sales strategies, and assess operational risks and supply chain impacts. These represent the most popular immediate measures undertaken by PNG businesses surveyed.
A number of businesses have also established a crisis management team and plan, and have been communicating with local authorities and business chambers to coordinate response plans. The number of businesses embarking on this next set of responses is anticipated to increase over the coming weeks.
While the responses are typical at the beginning of a crisis, as challenging as it is, organisations must not stop there. They must now look beyond the next three months and over the next 12 months, and think about their long-term business models, particularly their workforce, think about accelerating innovation to address new and better ways of doing things, and take the opportunity to reassess their whole of business strategy. The challenges of responding to the pandemic will change the economy and society for years to come, perhaps forever. Business needs to plan for what comes after and align their strategies and actions accordingly.
These data points are from a recent survey that we conducted to understand how PNG businesses are responding to COVID-19.
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