In these very unusual and difficult times our primary focus must be on making sure family, friends and colleagues are safe and protected as much as possible.

Financial security is an important part of this, and so businesses should not and must not stop. By keeping going and maintaining productivity, the world’s companies can potentially reduce the economic impact of these challenging times.

Early predictions are that the global economy could lose £1.1 trillion^[1] in lost output – a cost that could spiral should the crisis last longer than anticipated.

Different businesses, different priorities

Depending on the type of business, contingency planning will vary enormously. For example, in FMCG the challenge is to keep the supply chain moving to distribute goods to the public, while protecting their people.

Meanwhile, the travel and tourism sector has been decimated by the current situation. CEO of Hilton, Chris Nassetta has estimated that the global business could lose up to $50 million in the coming months^[2]. In this industry it’s all about damage limitation, cash flow and in some cases restructuring and refinancing.

For most companies the first challenge is to help the workforce to operate remotely. It is reported that 91% of large firms have implemented remote working strategies since the virus outbreak began^[3]. Smart working from home is all about improving effectiveness and ensuring that your teams continue to get the right things done at the right time.

Seek expert support

WIL Group is perfectly placed to help organisations through these very difficult times. A WIL Group executive interim will bring a wealth of experience to help fix specific and difficult challenges, accelerating results and taking the pressure off local executives.

The WIL Network can also help you locally if you are struggling for specialist resource. Our consultants are both local and global, so regional travel restrictions are not an issue.

If you would like to discuss our services please contact your local WIL Group office.

^{[1] https://www.theguardian.com/world/2020/feb/19/coronavirus-could-cost-global-economy-1tn-in-lost-output}

^{[2] https://www.bloomberg.com/news/articles/2020-02-13/coronavirus-s-effect-on-tourism-will-carry-into-2021-experts-say}

^{[3] https://www.gartner.com/smarterwithgartner/with-coronavirus-in-mind-are-you-ready-for-remote-work/}