As the Coronavirus continues to wreak havoc on the World economy, business owners are struggling to keep the lights on. If your business has been impacted, here are steps you can take to protect your business and keep it running.
A recent Bloomberg article; The Coronavirus Checklist: Nine Steps to Protect Your Company, provides insight into creating a crisis management plan. The spoke with a dozen crisis planning and supply chain experts about how to prepare for continued complications from the coronavirus, as well as future disruptions. Here are the recommended steps:
- Have a Plan in Place (or craft one quickly) – this will help to keep your business running. The Bloomberg article suggests the following:
– Emergency response and safety. This is making sure people and facilities are safe.
– Crisis management and communications. Analyzing the situation and informing staff, media, suppliers, and customers of the crisis and the plan.
– IT recovery. The tech department protects corporate information, hardware, and software.
– Business continuity. Keeping essential operations running.
- Establish workplace redundancy – consider off-site and online options as backups for your business files and products
- Update your HR guidelines – include remote work rules, family medical leave allowances, and a communicable illness policy
- Identify critical operations – figure out your critical needs, such as raw materials or subcontractors, and plan for how you would maintain those supplies and relationships.
- Assemble skeleton staffs – in the event if critical personnel are unable to work, have others ready to step in
- Work those connections with companies you rely on – communicate with key customers and suppliers to build on your personal relationships, and leverage when/if needed
- Defuse your supply chain time bomb – start building up backups to supplies needed, then start building backups to those backups. Supply chains are strained enough, now is the time to build a buffer.
- Think creatively – If your inventory is held up, do you have alternative markets to sell in? If not, start thinking about alternatives
If you have concerns about your workforce and coronavirus, please contact us today to learn about steps you can take to protect yourself, your family, and your employees.