According to www.pwc.com, to ensure business continuity in light of COVID-19, PNG companies are implementing actions to contain costs, revise sales strategies, and assess operational risks and supply chain impacts. These represent the most popular immediate measures undertaken by PNG businesses surveyed.
A number of businesses have also established a crisis management team and plan, and have been communicating with local authorities and business chambers to coordinate response plans. The number of businesses embarking on this next set of responses is anticipated to increase over the coming weeks.
While the responses are typical at the beginning of a crisis, as challenging as it is, and focusing on universities and institutions of higher learning, businesses must not stop there. They must now look beyond the next three months and over the next 12 months, and think about their long-term business models, particularly their workforce, think about accelerating innovation to address new and better ways of doing things, and take the opportunity to reassess their whole of business and teaching strategy.
The challenges of responding to the pandemic will change the economy and society for years to come, perhaps forever. Institutions of higher learning need to plan for what comes after and align their strategies and actions accordingly and ensure their partners and stakeholders of smooth business continuity.
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