Many of us have taken care of the most important priorities ensuring folks are safe. We have taken steps to continue doing our work if we can as we had planned before we all got quarantined. Let us take stock to consider what changes will be less temporary, and how we can add value in this new world.

This article on the Impact of COVID-19 on Private Equity written by Bain & Company has some good insights. Investors and lenders are going to need to adjust their thinking on how to assess risk. Some of the highlights include a focus on finding people with expertise in specific sectors and mitigating risk by preparing more for the worst.

I have worked in healthcare technology for over twenty years. I will continue to specialize and focus on how to apply that experience in this new environment. I also see that perfunctory exercises in disaster recovery and business continuity are not sufficient any longer. Severe business disruption is real and different than many people expected.

The course of events over the last thirty days has opened our eyes to decisions that seemed unthinkable even earlier this year. We can apply ourselves to contemplate what risks still lay ahead. What scenarios were off-the-table before, and how can we plan?

What if your core business is shut down due to government intervention? Restaurants and bars have been forced closed. What if your business was forced to close? What alternatives exist? How quickly could you adapt? Imagine if you could quickly adapt your supply chain to solve the food waste happening right now and serve people staying at home who need groceries.

What if a key purchaser became unavailable? Who else could benefit from your product or service?

What if your workforce was sidelined? Maybe people are sick or don’t have the means to keep working. Is there a technology solution to automate more?

How can you ensure your revenue stream by being quick to respond to a changing environment? Consider putting in place a process to respond quickly to change.

How can you ensure your supply chain? What can you do to be resilient and deliver value to customers?

Take a moment and think like your CEO. Ask hard questions about how prepared your business is to respond to fast-changing external factors. Propose creative solutions in your business. Leverage your expertise to reduce risk and capture opportunities increasing your value to your organization. Place your bets on where there are risks and opportunities.