Today we are discussing the Coronavirus and how Board Directors can help companies survive the crisis.
Jack Derby, in his weekly blog, says it best:
- ….take care of yourself and your family!
- ….take care of your employees and partners!
- ….when we focus on these two critical requirements, then we win!
Everything then is much simpler!”
The companies we advise are shutting down, furloughing employees, or having employees work from home. The businesses that they supply are closing, or their way of doing business is drastically changed. Restaurants are closed and only selling take out. Millions of people are out of work and signing up for unemployment. Schools are closed, sporting events canceled, conventions canceled, and events like the Boston Marathon moved to a later date.
Boards and Companies must do everything to stop the spread of the Coronavirus.
The Fed is adding liquidy to the economy. The House and Senate are working to pass bills so that the unemployed can buy food and pay their rent. Businesses must make the products needed to protect and fight the Coronavirus.
The four ways Board Directors can help companies survive:
- Make sure the company is caring for its employees, customers, and suppliers.
- As new rules come out, help the company plan and follow these rules.
- Be available to answer questions and give advice.
- Help the company plan for survival.
The future is uncertain, but by working together, we will beat this pandemic virus, survive, and move forward.
As a board director, CEO, and CEO coach, I have personally been through and helped others with crises of all kinds. Sometimes all that is needed is a set of “fresh eyes.” If you need a confidential sounding board, let me know. Email me, and I will set up a no-cost call. I will listen and offer you recommendations based on my experience and “fresh eyes.”
For more on boards and ‘fresh eyes,” read my article: 6 Reasons Why Every Board Needs “Fresh Eyes“