Calling Out COVID-19: Business Strategies for Surviving a Pompeii Event

The COVID-19 pandemic is destroying established industries and attributing to the death of millions of people worldwide. This book offers tools and techniques from the economics of innovation, the Fraud Triangle, and the authors' extensive experience to help organizations survive and emerge as future trail blazers. An appendix outlines the implications for financial reporting.

Format: Paperback / softback
Length: 150 pages
Publication date: 15 May 2021
Publisher: Business Expert Press

The COVID-19 crisis, a global pandemic of unprecedented proportions, is wreaking havoc on established industries like tourism and claiming millions of lives worldwide. In this book, the authors draw a comparison between the pandemic and the ancient Roman tragedy of Pompeii, where the citadel was buried under four to six meters of volcanic ash and pumice in the eruption of Mount Vesuvius in AD 79. Written for business owners, entrepreneurs, leadership teams, and management professionals in the public or third sector, as well as professionals grappling with the COVID-19 epidemic, this book offers valuable tools and techniques rooted in economics of innovation, frameworks like the Fraud Triangle, and the authors' extensive experience in cash management, fraud prevention, detection, and corporate governance. It will also be of interest to postgraduate students, including MBA students, and business researchers. The book concludes by summarizing key theories to understand the impact of the Pompeii Event and pragmatic solutions to combat COVID-19. The authors assert that organizations with a foresight will survive and emerge as future trailblazers. An extensive appendix outlines the implications for financial reporting.

Introduction:
The COVID-19 crisis has brought about unprecedented challenges for businesses and organizations across the globe. The pandemic has disrupted supply chains, led to a decline in consumer demand, and caused widespread economic uncertainty. In this context, it is crucial for leaders and professionals to have a comprehensive understanding of the economic implications of the pandemic and to develop effective strategies to navigate these challenges.

Comparison with Pompeii:
The authors of this book draw a comparison between the COVID-19 crisis and the ancient Roman tragedy of Pompeii. Just as Pompeii was buried under four to six meters of volcanic ash and pumice in the eruption of Mount Vesuvius in AD 79, the COVID-19 pandemic has caused widespread destruction and disruption. Both events have had profound economic consequences, with the pandemic leading to a decline in global GDP, job losses, and a rise in poverty.

Economic Implications:
The COVID-19 crisis has had a significant impact on various industries, including tourism, hospitality, retail, and transportation. The pandemic has led to a decline in travel and tourism, which has resulted in a loss of revenue for businesses in these sectors. Additionally, the closure of restaurants, hotels, and other hospitality establishments has led to job losses and reduced economic activity.

The retail industry has also been severely affected by the pandemic. With consumers spending less and shopping online, many retailers have experienced a decline in sales and have been forced to close stores or reduce their operations. The transportation industry has also been impacted, with the decline in air travel and the closure of borders leading to a decrease in freight transportation and a rise in shipping costs.

Pragmatic Solutions:
In response to the economic challenges posed by the COVID-19 crisis, businesses and organizations need to adopt pragmatic solutions. One of the most effective strategies is to focus on cash management and fraud prevention. By implementing rigorous cash management practices, businesses can ensure that they have enough liquidity to meet their financial obligations and can avoid financial distress.

Fraud prevention is also crucial in the context of the pandemic. With the increase in online transactions and the rise in fraudulent activities, businesses need to implement robust fraud prevention measures to protect their customers and their assets. This can include implementing anti-fraud software, conducting regular audits, and training employees on fraud detection and prevention.

Another effective strategy is to focus on innovation and adaptation. By identifying new opportunities and developing innovative products or services, businesses can differentiate themselves from their competitors and can remain competitive in the market. Additionally, by adapting to changing consumer preferences and market conditions, businesses can ensure that they remain relevant and sustainable in the long term.

Corporate Governance:
Corporate governance is another important aspect of responding to the economic challenges of the COVID-19 crisis. Effective corporate governance practices can help businesses to manage risk, ensure transparency, and maintain accountability. This can include implementing robust risk management strategies, establishing clear governance structures, and ensuring that stakeholders are engaged in decision-making processes.

Conclusion:
The COVID-19 crisis has had a profound impact on the global economy, and businesses and organizations need to adopt pragmatic solutions to navigate these challenges. By focusing on cash management, fraud prevention, innovation, and adaptation, as well as effective corporate governance practices, businesses can survive and emerge as future trailblazers. The book provides valuable insights and tools for leaders and professionals to navigate the economic implications of the pandemic and develop effective strategies for success.

Weight: 236g
Dimension: 151 x 230 x 11 (mm)
ISBN-13: 9781637420508