Business decision making in COVID19 period is critical for every business, whether the company is small, large. I have identified three essential criteria to help proper decision making.
1. Value of your business
Your business value can be divided into Revenue, cost and risk. Remain the employees in your organization who generates the revenue. Cut down unwanted expenses and reduce the risk. Use technology to reduce the cost and improve the efficiency in operation.
2. Social Condition
We may not take decisions in the same manner what we did a few months ago since this pandemic has effected all levels in society.
We have a societal dependency and an obligation to consider what our customer can do, their financial capacity, and how to assist the communities in a way to deliver the benefits everyone.
Also, consider the ethical and emotional factors of consumers before making the business decisions because if you make the wrong decision, it will badly affect the business in this period.
3. Crisis with disruption
This pandemic situation is unique and unlike other crises that have a shorter life cycle or predicted duration, but this pandemic has an extended and uncertain duration. Therefore, the traditional crisis strategy will not work out for this crisis. We must engage in nontraditional survival mechanisms associated with falling into a long economic trench.
You can think again about your organizational core competencies. Determine correctly what are the core organizational competencies
, and decide how to leverage those to continue to the business while also considering safety and resilience.