How have short-term and long-term financials been hit by the crisis? How are the projections for revenues, cash flow, liquidity, balance sheet and so on we made at the beginning of 2020 expected to change over the remainder of the year? What is the status of our lines of credit, loan covenants and other financing? What long-term investment and capital spending plans in place at the beginning of the year were frozen, and how will these plans need to change?

What is the current and pending status of our suppliers, customers, banks, vendors, transport and logistics sources? What do we know about any changes in their stability, capacity and ownership? How will the China intrusion affect some of our supplies? Have our suppliers shown any disruption in delivery, timeliness, support, or availability? Have we looked into renegotiating leases, contracts, payments, or loans (or should we)? Would this be an opportunity to seek better terms? Are there any M&A, purchase or strategic talent opportunities we should seize at the moment?

Can the CEO show us the details and timelines on our plans for reopening facilities and recalling employees? What steps will we take to assure employee safety? What is the projected payroll, employment and hours worked over the next quarter, and compared to the first quarter of the year and the same period last year? What layoffs were required, if any, and what have we done to ease the impact? Have we enacted pay cuts, and how were they used from the top to the bottom of the company? Have we evaluated specific talent needs going forward, and projected any gaps? Do we make a donation to the PMCARES when we cannot pay salaries?

What messages are shareholders and creditors telling us going forward? Have they been supportive of our crisis management, leadership team, and strategic shifts? What concerns can we expect from them in 2021?

More importantly, crisis always test the resilience of an organisation’s commitment to purpose, values and culture. Didn’t we state in our values how committed and respectful we are to our employees? Then why donate for publicity and then deny employees their salaries?

Boards must self-introspect their crisis management processes and rework on the risk heat maps and scenario planning on an urgent basis.

Dr. M. Muneer is co-founder and chief evangelist at the non-profit Medici Institute and Ralph Ward is an authority on boards; both drive alignment of board with strategy Contact: muneer@mediciinstitute.org