Recommendations for business management actions

The corona virus currently causes significant impairment of business operations in many companies. However, the extent of this is strongly dependent on the respective industry in which the company is active. Event agencies, exhibition booth builders, gastronomy and the entire tourism industry have already been hit hard by the current slump in sales. As it is not yet possible to predict how long the impacts of the corona virus will be felt, it can be assumed that the decline in sales will tend to become even more severe – even for companies that have not yet recorded any or only a slight decline in sales. For this reason, companies should consider developing various future scenarios and try to map the impacts of the corona pandemic on their own company as best as possible. It should be taken into account, that some industries and companies may only be affected by the adverse effects in a “second wave”. These include, for example, wholesalers and service providers for the industries already severely affected, as well as large parts of the retail trade. The current discussion, that lost sales will merely be postponed and will be catched up later should not lead to a false safety feeling on the part of the undertakings concerned. It is currently not yet possible to foresee the extent to which lost sales can be realized at a later time. Here as well it is recommendable to simulate various scenarios, whereby planning should always follow the principle of commercial prudence.