I’m starting to see a lot of press conferences from municipalities and states talking about relief for individuals needing to but can’t pay expenses like rent at the end of the month. I’m also happy to see these government initiatives extend to businesses that will struggle with making payroll and the like before the end of March. The next wave of this coronavirus epidemic will focus on the economic impact on people.
Organizations should take the lead of government agencies and start to communicate the potential impact they face, even if they don’t possess a good answer to the problem right now. Get as open and as transparent as you can to your customers, employees, partners, and other interested stakeholders. No one wants to hear about any surprises. The more businesses communicate, and the quicker they interact, the more they will find that people will not only come to their aid but also support whatever decisions they have to make ultimately.
If organizations wait, it will only get worse.