The Aftermath of the Pandemic Storm: Family and Business Musings

June 23, 2020

News

Decision Making in the Time of COVID-19

1. Decision Making in the Time of COVID-19

As the COVID-19 coronavirus spreads around the world, businesses must contend with a host of issues, including supply chain disruption and employee absences.Family business owners who have developed a strong business board and created an effective family education program will be in a good position to weather the storm, say Kristi Daeda, president of the Family Business Consulting Group (FBCG), and Jean Meeks-Koch, a consultant with FBCG.

https://www.familybusinessmagazine.com/decision-making-time-covid-19

A Transformative Moment for Philanthropy

2. A Transformative Moment for Philanthropy

Here’s how the positive changes in individual and institutional philanthropy sparked by the COVID-19 pandemic can take root and grow. Confronted with the global pandemic, individual and institutional philanthropy has been responsive, engaged, and nimble. The challenge—and opportunity—for the sector will be to make those features stick. The gravitational pull toward old ways of working will be strong, especially as philanthropies grapple with the impact of an economic downturn on their own endowments. But many of the practices that have emerged during this pandemic, including the five that we highlight in this article, should be expanded and formalized as the world heads into the long process of recovery.

https://www.mckinsey.com/industries/social-sector/our-insights/a-transformative-moment-for-philanthropy/

Which Small Businesses are Most Vulnerable to COVID19 – And When

3. Which Small Businesses are Most Vulnerable to COVID19 – And When

As the fallout of the coronavirus pandemic comes into sharper focus, the position of the nation’s small businesses appears, overall, to be particularly bleak. Some small businesses may close because they’re in industries, such as accommodations, food service, and educational services, that are affected by changed customer behavior, especially the physical distancing and mandated operational restrictions that began during the pandemic. Other small businesses may close because they were already at risk financially before the crisis.

https://www.mckinsey.com/featured-insights/americas/which-small-businesses-are-most-vulnerable-to-covid-19-and-when

How Consumers’ Behavior on Car Buying and Mobility is Changing Amid COVID19

4. How Consumers’ Behavior on Car Buying and Mobility is Changing Amid COVID19

The COVID-19 pandemic has affected many industries, but the automotive and mobility industries are among the hardest hit. Consumers across the globe continue to face severe health and financial concerns, and mobility remains somewhat restricted in many parts of the world. Many car dealerships closed, and car buying ground to a halt, with sales plummeting 71 percent in China in February 2020, 47 percent in the US in April, and 80 percent in Europe also in April. Likewise, mobility behavior has changed drastically, as many commuters have worked from home and others have stayed away from public transportation due to health concerns. Now as economies gradually reopen, automotive OEMs, car dealers, and government officials need to know how long the recovery will take and what the next normal will look like.

https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/how-consumers-behavior-in-car-buying-and-mobility-changes-amid-covid-19/

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