COVID-19 | Coping with Coronavirus: Five Strategies to Mitigate Business Risks

As the coronavirus continues its global march, its effect on business is no longer imminent; it is present. To help turn panic into productive and proactive action, in this opinion piece Minsky has put together a series of practical steps that all organizations should explore.

This is the first week that LogicManager, my Boston-based company, began its proactive two-week work-from-home trial. We wanted to put the health and safety of our 75 employees first and begin the learning curve of virtual business operations before we were forced to do so. Our goal was not to close the office but rather to reduce our employees’ public transportation exposure by minimizing commuting and proactively use social distancing techniques. Achieving social distancing is an example of one of five major risk considerations that organizations need to learn to manage. I will say more about that below.

We decided not to wait until we got more guidance from the CDC or our local, state or federal authorities and quarantine — as is happening in Italy, Spain, France and other countries — was suddenly implemented. In our preparation process, we used risk management to uncover many policies and processes throughout our various business departments. This trial period has given us a low-risk opportunity to test and iterate with the flexibility of going into the office if needed.

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