As a business owner one must be prepared for rapid changing conditions during crisis. Preparedness planning is essential in order to respond effectively to outbreaks and epidemics. How a virus outbreak is no typical crisis. Given this it's crucial that business should assess its risk and rapidly implement the necessary measures at the appropriate scale to reduce the effect of COVID-19.
Here are 6 points to consider when to creating a plan.
1. Take right financial decisions
As business weather small or big is mostly about taking the right financial designs at the right time and these decision become even more important in crisis situations like the one world is going through now. It will be a challenging couple of months. During these rough times, it is vital to take some time and understand the financial position of your business, and plan for multiple possible scenarios expected. Here's how
Chart out all the possibilities: It should be made very clear that what is the worst situation that the business can go into. Rock bottom plan should be chart out in order to be ready for the worst. You cannot avoid the outcome, but you can prepare yourself for it. Run various scenarios through your projections. The fact of the situation is that cash flow will be slow so one must cater for it for the longest possible time.
Cut on your expenses: Identify those expenses which can be eliminated without compromising on the business quality. Ask your self do we really need this at this point of time.
Save the reserve for the worst situations: The best way to use the reserves made is to use them as last resort and look for other ways to meet the needs.
Review your debt: Check on the debt side of the balance sheet and figure out for how long can you survive on the existing figures. Try to pay only what is required and take advantages of the reliefs given by the lenders and also do not hesitate to reach out and ask for an extension. Everyone is in the same position as you are. We will all get through this together.
Try for new revenue resources: Change is the only thing constant so adapt to the changing requirements and see in what way can your business can take advantage of the situation. Try online business. It all boils down to taking smart decisions early on.
2. Develop a concrete strategy
Only you know your business best therefore chart out an emergency plan outline measures you are taking to protect your employees and business before disaster strikes. Take all the aspects of business into consideration, An emergency plan not only outlines what steps your company plans on taking if an outbreak impacts your business. It also lays out what measures you're taking to protect your employees and business before disaster strikes.
These can be included in your plan:
- Ways to carry on the business
- Steps to insure to serve the existing client within the timeline set
- Steps you're taking to protect employees
- What to do if an outbreak occurs at your business
- How employees can contact you in case of emergency
- Take Back up of data at every step to reduce re-work.
3. Always have a Plan B
The COVID-19 pandemic has proven that you can never be complacent when it comes to business. You can continue doing what you do, especially if it's working, but it's vital to prepare for a downturn. Having a contingency plan in today's unpredictable landscape isn't paranoia – it's common sense. Nothing stays good forever; make your business flexible so you can easily adapt to change.
4. Establish a work from home policy
As corona virus spreads the best way is to stop human contact therefore the only viable option the business have right now is to give the employees the opportunity to work from home. Without a policy on paper things can be pretty messy as the expectation at both end are not defined. In order to have issues later its best advice to make a policy and circulate it among the employees.
And if at all the employees have to come to office think about how you can improve your cleaning procedures and Stock up the workplace with corona virus fighting soap, disinfectants, and hand sanitizer. Ask employees to disinfect their desks daily. Keeping your workplace as clean as a whistle will give employees some peace of mind knowing that they're working in a safe environment. Not to mention, employees will appreciate your extra effort to ensure that they stay healthy.
5. Keep your managers and employees in loop
Communication is the key at this time. Inform your people about your future plans and expectation will also enable them to deliver on time and act accordingly. This also reduce panic. The more your employees know, the better it is.
6. Take advantages of the Government relief schemes
The corona virus is making a huge dent in the business world and economy. But, there's no need to panic because Governments around the world are rolling out financial relief measures and programs to support businesses impacted by the COVID-19 (or "corona virus") pandemic. One need to be informed and make the best use of the support given by the government.
Seeking professional help at this time is also advisable. All we need to do is to stay strong and sail through it