Despite government efforts for bailing out businesses, many businesses are on the verge of bankruptcy. Even when the lock-down ends, restrictions ease and everything comes back to normal, people might still be reluctant to spend money, which will prolong the economic slowdown and extend the recession. How can you keep your business afloat in such a situation?
Coronavirus outbreak has negatively impacted the world economy. We are already at a cusp of another recession. Businesses are forced to shut down due to lock-down. Due to this business is losing money and is laying off millions of employees. We have already seen everything from stock market crashes to manufacturing slowdowns to supply chain disruptions.
Just because the outlook looks bleak does not mean that your website design company should become pessimistic. There are still a lot of things businesses can do to minimize the impact of this pandemic. In this article, you will learn about seven steps your business can take to minimize the impact of COVID-19.
1. Review Your Crisis Management and Business Continuity Plans
Most businesses have crisis management and business continuity plans, but they are generic in nature. In case of a pandemic like we are just experiencing, you need a specific plan that can help you overcome risks caused by epidemics. You can tweak your crisis management and business continuity plans to fulfill this purpose.
Let’s say, a large percentage of your employees have to work from home. Do you have the resources and tools to facilitate remote work? How will you communicate with your employees? How will you collect information and how will the data flow? Answering all these questions are critical to ensure seamless workflow.
2. Keep An Eye On Workforce Location And Travel
If most of your employees are working remotely, it is important that you keep track of where they are located and how vulnerable they are. Take a closer look at your travel plans and reschedule and cancel your trips. You can minimize absenteeism due to sickness by creating clear policies addressing this issue. Establish reporting procedures and protocols to facilitate remote workers. Constantly, update the policies and procedure from time to time to adapt according to the ever-evolving situation.
3. Monitor The Supply Chain
Supply chain is for business what blood is for the human body. The better you understand your supply chain, the easier it will be for you to identify and fix vulnerabilities in your supply chain. For this, you need to dig deeper and look beyond primary and secondary suppliers. You should always have a plan B ready in case your supply is situated in a country that is under complete lockdown. You do not want your business to run out of raw materials to create new products, as this can have serious negative consequences for your business.
4. Identify Potential Risks
You might have heard people telling you that you should always prepare for the worst and it’s true. The best way to do that is to identify potential points of failures or risks that can derail your business. Find individuals and teams that play an important role in keeping your business processes moving. Think about steps you can take to minimize human intervention and try to automate as many processes as possible. This will help you minimize your dependence on humans, which enables your business to function even if some of your employees are sick.
5. Prioritize Communication
During a crisis like this, you need to communicate more often. This prevents misinformation from spreading and panic from settling in your organization. Do not leave your remote workers on their own. Stay in touch with them and ask them about their health and wellbeing. This way, your remote workers will not feel lonely and will be more engaged and be more productive as well. Your employees and stakeholders need reassurances that they are in safe hands. Consistency and accuracy in communication is critical to send a positive signal to employees and stakeholders.
6. Conduct Scenario Analysis
Covid-19 has created uncertainty and businesses don’t know how long this pandemic will last and what impact it could have on their business in the long run. Instead of focusing on the duration of the crisis, you need to evaluate your preparedness for it. Could you cope up with it if it lasts for a year or more? You need to analyze different scenarios and create an action plan to deal with each one of them. Businesses that adapts according to the changing dynamics will be the ones who will come out of this crisis unscarred.
7. Stay Focused
There is no denying that the coronavirus outbreak has taken the world by storm. It is everywhere whether you are listening to news or scrolling through your social media feed. Due to this, most businesses are only focusing on this pandemic but there are other risks and issues that they cannot afford to ignore such as cybersecurity.
Businesses who tend to divert a lot of their attention to a single problem ends up ignoring other issues. They might get away with it sometimes but often they must pay a hefty price for it. You do not want your business to be on the receiving end of a problem you are not focusing on or well prepared for.
Just because coronavirus is wreaking havoc on the world’s economy does not mean that you should start panicking. Yes, you cannot control everything but there are a lot of things you can still do to reduce its negative impact. Ensure health and well-being of your employees. Create a specific business continuity plan and don’t take your eyes off the real risks threatening your business just because of a coronavirus outbreak. Automate your business processes wherever possible and reduce your reliance on humans. Lastly, communicate, communicate and communicate even more.
How is your business planning to minimize the impact of COVID-19? Let us know in the comments section below.
Author Bio Aaron Starc is a strategist & writer at Branex. She is learning photography, and she likes to help people with whatever she can. She hopes to leave her mark on the digital landscape. She tweets at @ErinStarc87.