Business photo created by jcomp – www.freepik.com
COVID-19 (aka the novel Coronavirus) has forced governments around the world to impose travel restrictions and movement lock down orders. This has resulted in huge financial losses for consumer businesses, particularly those in the travel, retail, lifestyle and F&B sectors.
Professionals in the entertainment and events spaces have also seen a significant drop in their incomes, as shows are cancelled or postponed.
The world seems frozen as people batten down at home in an effort to slow the spread of COVID-19.
In countries around the world, some businesses closed by order of the governor of that state. Others chose to shut down for the safety of their customers and employees. Everyone has tried to do their part to slow the spread of this thing in the hopes that it will be over sooner rather than later.
Nobody likes crises. They suck big time—our health, our jobs, our businesses, our finances, and maybe even our very lives are affected.
From global pandemics like COVID-19 (aka the novel Coronavirus), terrorist bombings, environmental disasters, to financial downturns, crises are Black Swan events (ie “unknown unknowns”) that are both unpredictable AND disastrous. Unfortunately, such catastrophic events are likely to be more common in our VUCA (Volatile, Uncertain, Complex, and Ambiguous) world.
People photo created by jcomp – www.freepik.com
Everybody is talking about the Wuhan virus now.
Also known as the 2019-nCoV (novel coronavirus) and now COVID-19, it brought domestic travel to a virtual standstill in China during the peak Chinese New Year period. The entire Hubei province is locked down, affecting some 60 million residents.