Corona Virus: Is it an Issue? (YES)
8 Questions to help you assess your risk and create an action plan as you IDS: "Corona Virus."
I am in the business of helping leadership teams predict success by tackling issues that impact their business head-on and quickly.
I am not in the business of risk management or disaster preparedness. I believe, however, these two areas are intersecting with the Corona-virus event. Media madness and a lack of concrete information leads us to all wonder, “Is this something I should be worried about?”
It's time for your leadership team to own "Corona-virus." Put it on your Issues List* at your next Level 10* Meeting. I created the outline below to help you identify potential risks and create an action plan. Send this out in advance of your meeting, to get your team's best thinking.
1) Could this impact our workforce?
Travelers: Who travels frequently? Who travels to high-risk areas? Are any travelers concerned or stressed out? Are their families? How can we openly address this? What is our contingency plan?
Workplace: Are healthy workplace best practices visible and followed, with resources in place? Does sick time policy and culture encourage people to stay home when they are sick?
Directly Affected: What's our action plan if any of our locations are directly impacted?
Educate: Should we announce/re-educate our employees on our policies in this area?
2) Could this impact our supply chain?
Supplier Conversations: Do we have supply chain reliance in highly impacted areas? If so, what conversations are we having with suppliers? What is our inventory level on key components? Do we have alternative sources? Have we reached out to those suppliers?
3) Could this impact our customer confidence?
Client Communications: Should we communicate with our customers and share with them the status of our supply chain (good/at risk) and what we are doing about it?
4) Could this impact our economy or industry?
Duration: What areas of our company will be critically impacted by an economic downturn or industry slump? What short- and mid-term plans should we put in place? Who should we be having conversations with? What is our financial position on cash?
5) How do we respond to the news cycle about the Corona-virus, separate from the actual seriousness of the outbreak?
Perceived Risk Assessment: Is any area of our business at risk due to consumer fears, real or imagined? What are we doing now to mitigate those risks, assure our customers, acknowledge fear and address behavior changes that may be coming?
Offer Assurance: Where have we been pro-active? Who should we share that with? For example, if you’ve spent the last two years moving your production out of what are now high risk areas (China) and the to the US, assure customers that your supply chain will be minimally impacted.
6) How can we leverage our current Enterprise Risk Management (ERM) plan?
Revisit: Look at your current plan and documented ERM process. Schedule a training. If you don’t have one, consider making it a 90-day goal to find an expert in this area.
7) What is our communication strategy? (say it seven times!)
Customers: Communicate to your customers that you’re prepared to face the future with confidence.
Employees: Communicate as a leadership team in an all-hands employee meeting. Communicate in one-to-one meetings at the department level. Put flyers in the break room and bathrooms. Take ownership of assuring your employees and provide a forum for them to share their concerns. Treat every question or concern professionally and with respect.
8) Who’s our "WHO?"
One person on the leadership team should “own” the Corona-virus issue. Though a committee may work on various aspects, you need one person overseeing the initiative and strategy execution.
Do you have a forum to discuss important matters about your business?
If not, investigate EOS®. The Entrepreneurial Operating System® isn’t something that you add to your business. It’s a set of simple, proven tools that help you achieve an amazing organization. Consistently achieving goals. And able to turn on a dime when something like the Corona-virus appears.
EOS terms defined:
Level 10 Meeting™: A 90-minute weekly meeting for your leadership team to work ON the business.
Issues List™: The issues that must be handed, to achieve success for the quarter.
IDS™: Identify, Discuss and Solve. Allows you to move an issues through to a clear decision and next step.
I’m a Certified EOS Implementer® and help companies run on EOS more quickly than they might on their own. I serve as a Certified EOS Implementer, Session Facilitator and Leadership Team Coach (cheerleader, activator, tough love administrator).
Consider Professional EOS Implementation.