How are companies handling coronavirus? A new survey of the CEOs and business executives on the Fast Company Impact Council reveals that COVID-19 is turning business plans upside down. They report major, sudden shifts across their operations, from customer spending to supply chains to travel:
- Plans are going out the window: 66% of executives have canceled travel plans, and nearly all have had employees cancel work trips.
- Supply chains are getting reworked: 40% say their production lines are getting makeovers, with most focusing on diverse options and avoiding bottlenecks.
- Purchases have already changed, with 65% of executives saying that customers’ purchasing power has already been dramatically or heavily affected.
- Emergency plans are front and center: Three-quarters have instated or activated company-wide contingency plans, such as “no flights, no conferences, no guests.” Many have put in place policies encouraging remote work and meetings.
Despite this, most say that employees have only been mildly impacted so far. Only a third of executives plan to revise their 2020 earnings estimates.
The survey was conducted this month and included 45 respondents.