This archive report was first published on 27 April 2020.
With the COVID-19 pandemic having a devastating impact on economies worldwide, businesses are facing unprecedented challenges. As the situation unfolds, it's becoming increasingly clear that only those who take proactive measures will survive and thrive.
According to Fred Ouma, a business expert, organisations need to follow a four-stage process to recover from a disaster. The first stage is the immediate response, where drastic measures such as remote work, pay cuts, and layoffs are implemented to mitigate the impact of the crisis.
As the situation stabilises, organisations enter the social recovery phase, where they focus on reconnecting with clients and rebuilding relationships. This is a critical period, as organisations that fail to act risk collapse. To succeed, businesses must develop workable plans that help them adapt to the new reality and add value to their clients' lives.
The third stage is the rebuilding phase, where organisations focus on consistently meeting the needs of their clients and establishing new networks. This requires a sustained effort to do things the right way and avoid the pitfalls of complacency.
Finally, organisations must invest in disaster preparedness and resilience, including emergency and disaster management strategic plans, business continuity plans, and resilience contingency funds. By taking these proactive steps, businesses can ensure their survival and recovery in the face of crisis.
