London School of EconomicsREAD ARTICLE
What is the essential task of management? To look after the short term in ways that not only protect, but even enhance medium and long-term prospects. For businesses, the COVID-19 crisis presents massive challenges to fulfilling this quest; it is difficult to pull off even in periods of growth. Previous downturns demonstrated how problematic it is to ride out, for any length of time, dramatic falloffs in sales, inventory problems, customers defaulting on debts, running out of cash, and delayed new products. Understandably, businesses focus on short-term survival and adaptation. Then begins the slow process of recovery. How are businesses responding this time? And what role will digital technologies play?