Get Business Ready for the impacts of Cornoavirus

As a business owner and leader, how are you getting your business ready to deal with the inevitable disruption that will come as a result of the Corona virus situation?
Each business will have its own set of unique challenges, the list below is a starting point of matters to consider in your own business.

Given all the pandemonium at present it is important to think and act as a leader. Show your staff and clients that you are on top of this situation, have a plan and are executing it.

Below we’ve put a list of pointers to think about to help you build up your business readiness for Corona virus

Human Resources

  • What is the message to office staff about their welfare and approach of coming to work?
  • Are IT system adequate enough to enable remote working
    • How will remote working be managed and monitored
  • What is the message for on-site staff? Noting that where they are contractors they are more likely to turn up if sick because they have no sick leave
  • What mitigation strategies can you put in place? such as running strict  team units so as not to spread contagion should it occur
  • What head-count do you need to operate at a lower end of your budget projections
  • Can the governments wage subsidy announcement support holding on to staff longer to try and ride the issue out?

 

Clients

  • What is the message to your clients about the impact of the virus on the work you are doing for them currently?
  • What is the message for your prospective clients who have recently accepted quotes?
  • Are clients at risk of non-payment due to financial distress in their business caused by corona virus?
    • What payment arrangements can you put in place with clients to mitigate this?

Suppliers

  • Material suppliers may be impacted as a result of there own HR sickness events, this could impact lead times for you to complete your work
  • Sub-contractors may fall sick or be in isolation, what alternative subbies do you have in each field to manage this?

 

Financial

  • Current jobs may experience delays due to HR sickness or material delays, this will drag down margin?
  • Retaining HR will be important for post pandemic business but will reduce profitability, can you take advantage of the governments wage subsidy?
  • Upcoming tax payments may impact money you need as working capital (cash slush in the bank); consider arrangements to delay payments
  • What overheads can be trimmed
  • What overheads need to be expanded (advertising, marketing, business advice)
  • Do you need to speak to a mortgage broker to search for bank or non-bank about lending options to assist with cashflow

 

Sales

  • What current jobs in the pipeline are at risk
  • Flow on effects for the second half of the year could make it deadly quiet

 

A little bit of planning will go along way to tackling some of these issues front footed.
Fundamentally it comes down to keeping the communication lines open and honest with those that make your business tick. Everyone is in the same boat and should be empathetic of the situation, if not… they might not be people you want to continue working with/for.