Businesses can prepare for future crises like the coronavirus pandemic by implementing a robust crisis management plan. This includes identifying potential risks, developing contingency plans, investing in technology to support remote work, diversifying supply chains, and maintaining strong cash reserves. Regularly updating and testing these plans is also crucial. Additionally, businesses should focus on building strong relationships with stakeholders, including employees, customers, and suppliers, which can be invaluable during a crisis.
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What will the world of business look like after the coronavirus pandemic? The pandemic will accelerate every trend by a decade and redefine entire ind...
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Ecommerce's share in U.S. retail was growing at about one percent every year. Within eight weeks of the pandemic, the number jumped from 16% to 27%. A decade of ecommerce growth took place in eight weeks. Apple took 42 years to reach $1 trillion in value and just 20 weeks to grow to $2 trillion. Trends in economic inequality and unemployment have accelerated as well. Twenty million jobs were added over the last ten years. Forty million jobs were lost within ten weeks. Forty percent of households with income below $40,000 were laid off or furloughed compared to just 13% percent of households over $100,000.