COVID-19 has spread worldwide. The number of positive cases and deaths are increasing rapidly. To protect aggression, many governments worldwide have implemented a complete lockdown. This is helping to bring down the rate of spread of the virus but is negatively affecting the global economy. Every industry has come to a halt, but the economic effects are also important, and industries are taking lessons and learning lessons from coronavirus pandemic.

Here are the 5 tips in which you can lead your business during coronavirus pandemic.

1. Updates daily, but beware of Hype cycles

Nobody likes to stay out of the process, especially when something like the coronavirus pandemic strikes. When it comes to protecting your business, you must, communicate with your employers and keep them up-to-date. As you heard about the latest news, think critically about the source of the information before reacting to it. We tend to start over weak signals, then to overreact to emerging issues before we eventually take a more measured view.

2. If need be, Don’t hesitate to change your decision

There is saying in Chinese that great generals should issue orders in the morning and change them in the evening. Until Managers are not completely confident they resist changing decisions because they have a fear that changing decision will develop an image of a weak or misinformed person, but in a constantly changing scenario, such as the Coronavirus pandemic, taking a decision is essential and if necessary they need to be changed according to the changing situation.

3. Make sure your response is balanced across these seven dimensions:

• Communications: regular communication with employees is necessary and clear them policies so they are not misinformed or confused.
• Employee needs. You should figure out how to solve them and create an information center where employees can find all the information they need.
• Travel: Make sure that travel policies are clear such as where employees can travel, what authorizations are required etc.
• Remote work:  clear your work from home policies like in which geographics it applies, how they will work, and when they will be reviewed.
• Supply-chain stabilization: try to balance supply chains by using safety stocks, alternative sources, and working with suppliers to solve problems.
• Business tracking and forecasting: The crisis will likely create unpredictable fluctuations. Put in place rapid-reporting cycles so that you can understand how your business is being affected, and how quickly operations are recovering.
• Being part of the broader solution: As a corporate citizen, your business should contribute to local government or specific industries like health care and food. 

4. Prepare for a changing world

The COVID-19 crisis will change our businesses and society with more investment in sectors such as online education, online shopping, and public health. When these current crises are over companies should consider what this crisis has changed and what they have learned so they can reflect them in their decisions.

5. Reflect on what you have learned.

As the COVID-19 pandemic end companies should perform root-cause analysis to distill the learnings. It will display existing organizational weaknesses, like not able to take hard decisions or an excessive bias towards consensus, which constitutes opportunities for improvement.

The COVID-19 pandemic has affected both public health and the global economy, but sooner or later we will find a cure. Businesses need to be flexible in times of change and prepare themselves for a post-Corona world.