Business leaders need to reimagine the new normal

According to the report by McKinsey & Company, industry leaders need to begin with addressing the immediate challenges that COVID-19 represents to the institution's workforce, customers and business partners.

"Address near-term cash management challenges, and broader resiliency issues during virus-related shutdowns and economic knock-on effects," said the report.

Create a detailed plan to return the business back to scale quickly, as the virus evolves and knock on effects become clearer.

"Re-imagine the ‘next normal' – what a discontinuous shift looks like, and implications for how the institution should reinvent," the findings showed.

Confirmed COVID-19 cases worldwide reached 526,044 with 23,709 deaths on Friday.

According to the report, leaders should be clear about how the regulatory and competitive environment in your industry may shift.

"Preexisting industry challenges, a quick drop in possible revenue, and high fixed costs cause near-term cash flow and long-term growth uncertainty.

"It may take years to recover from production and supply chain stoppages, due to critical vendors located in areas impacted by the virus. Long order backlogs mitigate some concerns, though rapid adoption of remote work technologies may put a dent in high-profitability business travel," the report noted.