Ways to Safeguard Your Business as Coronavirus Spreads
The Coronavirus has caused a global pandemic that disrupted many businesses around the world. Many people afraid of leaving their houses while others are under curfews and lockdowns, leading to a sharp decline in business traffic. However, you shouldn’t panic but should instead implement measures to protect your enterprise from avoidable distress as you wait for the crisis to unravel. Here are some of the tips for keeping your head up during the crisis.
Start by creating an elaborate plan that outlines all the precautionary measures you will take to protect your staff and premises from contracting the virus. Implement all the hygiene measures promoted by public health experts such as sanitising all your properties and maintaining high standards of hygiene. Keep all the communication lines open and install a live news feed that updates staff on the latest developments related to the pandemic. Further, explore ways in which you can keep in touch during curfews and lockdowns.
Secure your supplies
The Coronavirus crisis has disrupted global supply chains due to flight restrictions and lockdowns. First, it affected goods from china, which is by far the largest supplier of most goods in the world. However, that was only the start as other countries around the world experienced the pandemic and imposed different measures to curb the spread. Firms have endured stock depletion while others have had their outsourced customer services discontinued. To minimise disruptions, keep in touch with all players in the supply chain and contractors providing outsourced services. Make sure that you secure the most important supplies and services by piling stocks and signing binding contracts with service providers.
A recurrent theme amongst government officials is that people cannot continue with normal life during the Coronavirus pandemic. Therefore, analyse your operations and determine those that workers can perform remotely so that you do not have to close shop. Make alternative workplace arrangements so that staff can meet online and schedule work. Assess the type of facilities and equipment you need to communicate online and find ways of acquiring or leasing them. Next, set up protocols that workers will have to observe such as meeting and briefing sessions using video conferences. This will allow you to continue with operations while observing the requirements for social distancing.
Reduce operational costs
One unfortunate outcome of the COVID 19 epidemic is the reduced revenue because customers have cut down their expenditure. You might find yourself in the uncomfortable situation of terminating employment as you wait for the conditions to normalise. However, you can reduce staffing costs while protecting your employees from extreme financial distress. Some of the strategies firms are using include deferring wages, suspending contracts, and reducing payment to the minimum amount that covers basic needs.
Government relief programs
Most governments have created special programs to protect businesses and workers from financial distress. Explore ways in which you can take advantage of such programs to protect your firm and staff. You can apply for business finance that various government agencies and institutions are advancing to businesses. Some of the costs that you can cover with these funds include fixed debts, staff payments, employee benefits, and accounts payable. If you’re going through hard times perhaps because of some event that is out of your hands, like severe storms, earthquakes, flooding, and more, you might want to see what kind of disaster relief is available for your business.
The Coronavirus has disrupted several businesses and put others on the brink of collapse. However, you can minimise its impact by developing strategies of coping with the crisis. The best approach is to start by implementing sanitary and hygiene protocols. Then proceed to secure critical supplies and services to ensure that customers get what they need. Finally, take advantage of government programs to lower operational costs while protecting staff from extreme financial distress.