All organizations, world-wide, have been hit with significant disruptions to their business due to the lockdown associated with COVID-19. Some business are thriving (Amazon, UPS, Microsoft) while others languish.

Where is your business in the chart below?

Are you still in survival mode a month or more after lockdown?

Have you continued operations or diversified your business revenue with remote work, online shopping, take-out menu, or making face shields when you made helmets in the past.

As we move through survival, acceptance of the current conditions, we will want to move to business continuity (happens quickly when you have a current business continuity plan) and into compliance with laws (health and safety), earnings stability and so on.

Where are you on the list – I think Amazon is at 6, 7 and 8.

How do you get to your next stage?

Objective and Goals of Risk Management

1.Tolerable Uncertainty – we operate in this state prior to loss

2.Survival – you need to live to do more business

3.Business Continuity – will the business live if you live

4.Compliance with the Laws – don’t operate outside the laws

5.Earnings Stability – start making money again

6.Profitability and Growth – start to grow and gain market share over others

7. Social Responsibility – care about someone other than yourself and give back

8. Economy of Operations – be efficient and maximize shareholder value