Unprecedented. Catastrophic. Frightening. These and many more adjectives are being used on a daily basis to describe the current global pandemic sweeping the world and, in turn, sweeping our economy off a cliff. Closure of bars, restaurants, sporting venues, theaters, etc. will all have a significant trickle-down effect on our economy as the supply chain providing goods and services to all those and many more establishments wipes revenue off the board. While there is little that business leaders can do about the economy and associated pandemic at large (other than follow governmental guidelines), there are many things that leaders can do to protect their companies, their employees and themselves.
An examination of some of the most recent recessions – the 2008 financial collapse; the 2001 shock initiated by 9-11; all have lessons in them if we are willing to learn. Warren Buffett once said that as an investor, it is wise to be “fearful when others are greedy and greedy when others are fearful.” Needless to say, fear is high right now.