The outbreak of COVID-19, the coronavirus strain causing a global pandemic, is taking a huge toll on human life. This affects not only those who contract the disease, lose a loved one, or are otherwise directly affected by illness during this time; coronavirus is also having a huge impact on the global economy and on businesses everywhere.
Some have been forced to close their doors temporarily due to government-imposed lockdowns. Many others, while remaining operational, are being forced to implement response strategies that will protect employees, revenue and operations. These coronavirus response strategies must by necessity be adaptable as the response to the virus evolves and we are better able to predict what will happen over the coming days, weeks and months.
Nilesh Waghela is a retired independent business adviser who has spent his career helping small businesses develop strategies. While COVID-19 continues to spread throughout the population, having strong strategies in place is more important than ever before. The PDF attachment looks at the four stages of a powerful business strategy to navigate the uncertain times ahead.
Crisis Management and Response
Most businesses will operate with some form of continuity plan. However, these existing plans may not be suitable for the current global circumstances; business leaders need to step up and adapt those plans accordingly to account for the pandemic and all its economic side effects.
Disruptions to business necessarily need to be minimised, but not at the cost of putting people’s lives at risk. Each business leader needs to include plans for how to meet the current government guidelines on dealing with the pandemic in their own country and implement new regulations accordingly.
Travel restrictions will also affect areas of business such as supply chains, procurement and deliveries, which will vary in severity depending on the geographical diversity of the business.
Caring for Employees
Employers have numerous issues to contend with when dealing with employees while the COVID-19 outbreak continues to spread. Human welfare should be the number one concern, with employers making it financially viable for anyone who needs time off to self-isolate or to care for a vulnerable relative to do so.
On top of this, there are various workforce challenges that will need to be addressed and resolved. For example, restrictions on mobility may affect the ways in which business is conducted. Such restrictions may also necessitate the introduction of remote working, which brings its own unique challenges in terms of cybersecurity.
A well-thought out strategy can help to ensure the measures that need to be implemented are put in place and are ready to evolve as we learn more about the virus and are able to better predict outcomes.
The embedded infographic looks ways you can support your business and workforce during the COVID-19 pandemic.
Finances
Financial forecasting and modelling will need to be re-evaluated in light of the current crisis, accounting not only for the immediate effects but also for second- and third-tier ripple effects that will continue to impact the markets for a long time to come.
New risks and uncertainties are coming into play that most businesses were not fully prepared for, even if they already had a crisis management plan in place. Taxation may be affected at a corporate and individual level and many businesses will need to plan multiple changes in terms of financial structure to be able to weather the storm.
Branding may also need to be re-evaluated as part of the overall response strategy. The short video attachment looks at some ways in which strategy and brand can be adjusted to mitigate the impact of COVID-19.
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