The coronavirus (COVID-19) outbreak is causing widespread concern and economic hardship forconsumers, businesses and communities across the globe. We have prepared some general guidance on COVID-19: What US business leaders should know, covering the key areas of crisis management, supply chain, workforce, tax and trade, and financial reporting.
Most companies already have business continuity plans, but those may not fully address the fast-moving and unknown variables of an outbreak like COVID-19. Typical contingency plans are intended to ensure operational effectiveness following events like natural disasters, cyber incidents and power outages, among others. They generally take into account the widespread quarantines, extended school closures and added travel restrictions that may occur in the case of a global health emergency.
The crisis raises a number of unique challenges. In PwC’s inaugural COVID-19 CFO PulseSurvey, finance leaders in the United States and Mexico shared their top concerns.
Issues that the technology industry might face:
Business continuity planning does not account for the uncertainty of an evolving pandemic.
Raft of industry event cancellations mean fewer business development opportunities.
Vastly diminished business travel results in fewer client interactions.