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Pandemic: the real cost is in relationships
What would happen to your business if another pandemic hit the planet?
With pandemics such as SARS threatening societies, it is quite certain that more are on the way. When the SARS outbreak occurred, it was estimated that there was a $28 billion cost to Asia alone, in lack of business, and tourism.
“One month after first hitting the headlines, the economic damage from SARS has spread well beyond airlines, hotels and conferences to virtually all businesses within [Asia], and many well beyond.”
The Economist, April 17, 2003
Responsible management must be prepared for the next pandemic, in whatever form that will occur. The questions that firms often ask:
How can we anticipate pandemic-related business risks that could impact our company's objectives?
- This is the billion dollar question. However, our news media is worldwide, and the internet offers countless ways to keep track of problems happening around the world. Many of the searches can be automated and delivered to your desktop every morning.
How can we prepare our business to effectively respond to threats and minimize its impact?
- The key here is to act responsibly when there is no impending danger. By duplicating data centers, having multifaceted trained staff, and operations in different geographies, we can minimize the risk of any single incident destroying our businesses.
What can I do to assure customers, employees, and partners that our firm can manage the impact of a Pandemic?
- There are several approaches: a well managed safety campaign, a well communicated strategy, and constant reminders to business allies that these are issues your firm is dealing with.
What is the real cost if a pandemic strikes, and how can I mitigate it?
- Beyond the obvious health hazard to personnel, the true damage a firm can suffer is in the loss of relationships. A strong, healthy, well nurtured business relationship can endure hardships (much like a healthy involved marriage is able to overcome a death in the family. Hence, a strategic differentiator will always be customer intimacy.
- In simple terms, an Asian firm will buy an inferior product from someone they know better; the best mousetrap doesn’t always sell.
The strategy is simple; use your time wisely when things are going well. If there is no impending problem in India, and you are heading there next month, add a week or two to your business tip, and focus entirely on building and protecting the relationship.
The best way to enhance a business relationship is to develop a personal one. And when looking to develop that personal relationship, we can use several bridges including: food, family, music, art, sports, culture, and history.
This way, a pandemic can delay, but not destroy your Asian markets. Your competitors won’t be able to destroy it either.
Before you start business here or abroad, use our Lessons from the Road.
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