COVID-19 has significantly impacted our businesses and daily lives. The consequential movement control order (MCO) and shutting down of non-essential businesses have resulted in sudden fall in demand for products and services, labour shortages and supply interruptions. S&P Global Ratings is forecasting an estimated US$620 billion in total and permanent income loss in Asia Pacific. And if this crisis is not properly addressed, the GDP loss to Malaysia is equivalent to 120,000 - 180,000 job losses.
Therefore, it is important for businesses to plan and undertake appropriate actions to overcome the challenges ahead. In times like this, we need to shift our focus from profit to business continuity. And cash flow management is the key to business survival during a downturn.
Each business and operation is unique – the checklist we present below is meant to give you a head start in planning your business response to this virus outbreak. You will need to create a specific plan that best suits your business and operational needs.