Strategies and advice for businesses to stay in control through COVID-19 and get ahead of the pack

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COVID-19 Business Continuity – 19th March

Hi, it’s Ashley Thomson with the COVID-19 business continuity update for 19th March,

In today’s blog:
1. COVID-19 in your business
2. A case of coronavirus: what it means
3. Government stimulus – more expected to come

1. COVID-19 in your business

The current prediction is that 60% of Australians will be infected with COVID-19. That means the odds are that someone in your team (maybe you) will get it. If there is a case of it in your business, your Tenfold business coach is a great source of information about handling quarantine. The goal is to protect the health and safety of your team.

There’s some good general advice available about preparing for COVID-19 but every business is unique. Your business mentor knows you and your business, so they can work with you on specific actions to minimise disruption and protect your people.

2. A case of coronavirus

Here’s a real-world view of having a case of COVID-19:

Infection and incubation

An infected person won’t know they have the virus for the first 5 days. That’s the typical incubation period; it’s when the virus is infecting the body by stealth. During that time, the infected person unintentionally passes it on others through personal contact and shared contact surfaces.
Once the body recognises that it is under attack, it activates the immune system to get rid of the virus. That’s when the symptoms of coughing, sneezing and runny nose start. Think of that as the body’s way of blasting the infection out. (Some people never feel sick and never develop symptoms.)

Diagnosis

Follow the Government guidelines here: (https://www.health.gov.au/news/health-alerts/novel-coronavirus-2019-ncov-health-alert/what-you-need-to-know-about-coronavirus-covid-19#how-to-seek-medical-attention)

Illness and recovery

Most people (9.4 out of 10) who get COVID-19 typically get a mild form of the virus. Everybody is different but as an example, a typical 40-year old male diagnosed with a mild case of coronavirus will feel like he has a cold. He’ll have a fever and a dry cough (not coughing up muck). He might also have (but not in all cases) mild body aches, a sore throat and a headache. These symptoms are treated with bed rest, plenty of fluids and paracetamol.

Overall, he’ll feel a bit rotten for 2-3 days and then he’ll start to recover. All up, it’s about a week for the immune system to activate and fight off the virus.

Once he’s feeling better, he’ll be back to normal and will (most likely) have developed an immunity to COVID-19.

3. Government stimulus – more expected to come

On 11th March the Federal Government announced an economic stimulus package of $17.6B, equivalent to 0.9% of GDP, followed by the WA, QLD, NSW, TAS, and NT Governments. The Victorian Government has yet to announce theirs but we believe it will be soon.

Leading market expert, Hamish Douglass of Magellan Financial Group, has publicly commented that, “The likely size of the fiscal response required to head off the worst outcomes is unprecedented and potentially could be up to 20% to 30% of GDP.” That is 20-30 times more than the Federal Government committed in the first round of stimulus package.

Federal Cabinet met on Monday afternoon to discuss further economic measures so we should expect an announcement of the next round of stimulus support soon.

Feel free to contact us if you would like to speak to a Tenfold business coaching expert to get practical advice on managing your business through the coronavirus pandemic. We’ll keep you up to date with relevant information.

Stay safe and keep looking forward. Tough times don’t last, tough people do.

Ashley

Sources:
https://www.bbc.com/news/health-51214864
https://www.worldometers.info/coronavirus/

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