The world is in a panic over the Coronavirus (COVID-19) outbreak. Thousands of lives got lost with many more under observation. It’s that time where everyone understands the preciousness of life. It is also the time where the crisis is impacting not only lives but businesses too.
So, providing some perspective to the deadly situation, here is our blog for businesses that teaches how to deal with it.
First, How Google is assisting?
Google is sending out emails to its Google My Business (GMB) users asking, “Is the Coronavirus disease (COVID-19) affecting your business?” If you sign in to your GMB account, you will see a set of updates asked by the Big Daddy. (Please have a detailed look by checking it from your end).
Have a Plan for Employee Protection
Every business is different, and everyone got their situation. As COVID-19 is emotionally challenging, the common goal is to protect your employees. You can begin by having a plan that aligns with the practical execution. Meaning, the program must support employees and be consistent with your company guidelines. For example, benchmarking is a way that determines the policies and the right level of support to employees. Another method is to provide autonomy to your managers so one can deal with COVID-19 based on following WHO, CDC, and other health-agency guidelines.
Have a Response Team
It would be best if you appointed members from every department so they can dedicate their time to respond to the virus besides their everyday role. Communication and coordination is the key where these people must define specific goals based on the company’s scenario. The response team must focus on output through their decisions.
Ensure Money is Present to Handle Crisis
Your financials like cash flow, balance sheet, P&L, must be modelled, so the situation does not impair liquidity. It will help if you stabilize your organization’s critical variables affecting cost and revenue by optimizing accounts payable and receivable, divestments, mergers and acquisitions and cost reduction.
Balance Your Stock
The COVID-19 situation has put some dent on the production of new goods. Here, rationing the critical stock until the production restarts are necessary. Plan on managing products until the supply comes back. Also, you can contact new suppliers where the demand for the product is more. Start searching for them now.
People Will Shop Online
Physical shopping may certainly have reduced to an extent, but people may not stop buying goods on the internet. From food to vegetables to anything that is deliverable, your business must provide the online support that people need at this hour. Also, see that your goods are quality-wise durable.
Use Tabletop to Verify Plan
Use tabletop simulations to verify the part of your plan. A tabletop meeting is where an emergency gets discussed, reviewed and tested by organization members. Under simulations, everyone can ascertain their role or the things they will do at this period.
Opportunity for Social Responsibility
During a crisis, your business can assist communities by providing goods of need like money, equipment, and even some advice. Many companies are supplying medical masks and clothing to prevent the spread of COVID-19.