The impacts of the virus have been harsh and immediate on many businesses. Consider these points of advice immediately (Varied Sources including CILT, ASMS, SMS & others):
- Ensure you prioritise the health of your workforce and follow guidelines.
- Review the financial stability of the organisation short term with specific focus on cashflow. This should be a continuous process with monthly reviews as the situation changes.
- Make early decisions to cut discretionary spend where you can. The earlier the better as that will allow spend on critical areas of the business to continue longer.
- Communicate, Communicate, Communicate – to your staff and to your customers.
- Develop a clear strategy for the organisation in simple terms – a plan on a page – that steers you through and becomes the stabilisation message in the face of winds of change and uncertainty. Review and revise as necessary.
- Identify key suppliers and key supply routes – test if at risk, look for alternative sources, do not make the mistake of trading your survival for theirs in terms of withholding debt, and collaborate.
- Identify income risk especially supply routes now compromised and customer credit.
- Review how to trade online to substitute for other routes now closed.
- Look at how you can create electronic communications and data exchange. Use those you have, develop skills within your business to make effective.
- Ensure you have a close understanding of emergency legislation as it unfolds and as it applies to your business and sector.
- Work with trade bodies and other businesses to influence government policy and legislation.
- Stay safe yourself!
This is an example of an international response which we are sharing as part of our global best practice resource to help you think about and determine appropriate responses locally