May 29, 2020
Coronavirus is taking a toll on businesses around the world, causing many to shut down and others to limit their operations. Without an effective contingency plan in place, businesses are at risk of losing existing relationships with customers and rearranging their entire business objectives.
On the contrary, having a contingency plan will keep the business at the top of its game, despite having several limiting factors. This article will guide you through some of the steps to take to secure your business during the COVID-19 pandemic.
1. Set up a team
It is important to have a team that will be responsible for acquiring the necessary information about the changing times and season. One information particularly important for a business is the limitation set by the government, which could be an outright obstruction for operation.
Knowing this per time would keep you and your company one step ahead, avoiding all forms of legal issues. More so, learning about the current impact of Covid-19 on the world and how the government is implementing steps to curb it, will also educate you on the necessary steps you can use to attain full productivity.
For maximum results, ensure the team:
2. Protect your workforce
Running a business demands responsibility for the protection of your workforce where necessary. In the midst of a pandemic, running operations means putting extra safety guidelines to prevent the spread of the virus. You also have to ensure your staff obliges to these guidelines accordingly. More so, always:
3. Manage existing contracts
It is important to evaluate how Covid-19 can possibly affect the existing contracts you have with your clients. If possible scenarios from the pandemic would indicate a failure to fulfill your part, noting these areas down would sponsor positive interactions between you and your customers. In such situations, it is important to effectively communicate areas you would have shortcomings, and seek alternative agreements with your customers. Also endeavour to communicate the areas you would be most effective within operations, in order to give your customers hope that a solid relationship can be maintained. Some areas to also consider include:
4. Consider your financial resources
To maximise productivity while also trying to prevent insolvency, it is extremely prudent to consider all operations, and partners involved in your business. You need to be aware of the effects that lack of resources can have on your business. More so, it is important to consider how certain financial situations involving your business partners can affect your business. Peradventure an insolvency disrupts their contributions to your business, how would you be able to cope with the sudden change?
Here are some things to consider in order to manage your financial resources also include:
5. Consider operational risks
In order to cover up for the shortage in income from areas where your business operations have been limited, it is essential to consider operational risks where necessary. Particularly, expanding operations to low-risk areas that are not included in your business logistics, may seem beneficial at certain times like this. Nevertheless, it is important to consider the potential negative effects this could have on your business in cases where the costs are too much to incur. It is expedient to manage all operational risks both far and wide, and even virtually. Some of the areas include:
6. Consider all legal rights
The situation of the pandemic imposes that everyone is up to date with their legal rights. In diverse situations, following the current legal obligations will prevent your business from running into issues. Having a legal team can be beneficial for your business, to help you navigate through the tides of the changing systems. More so, you should consider your insurance coverage in relation to new policies induced by the Covid-19 pandemic. Some of the recommended steps to take in situations like this include:
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