Panic creates panic. Mass hysteria will not make it any better, so we all need to remain calm in the face of this virus and do our bit to ensure it is contained.
If your business financials feel volatile, you’re not alone. We end up in the way we show up. Choose to be proactive and lead with a clear plan & communication.
Here are some other ways business owners can ensure as few financial losses as possible:
- Build out a business continuity plan: Note the worst-case scenarios and potential business issues. Then put a plan in place for dealing with those issues before they arise. This is your plan to moving forward with speed and confidence.
- Build a supply continuity plan: This focuses on getting all the goods and resources you need from alternative sources, should a supplier cease production.
- Create a communication strategy: Internal and external to reduce confusion. Decide what you need to tell clients, employees, and contractors, and create a chain of command so messaging goes through proper channels.
- Explore virtual and e-commerce options: If your business relies on face-to-face contact or in- store purchasing, now’s the time to think outside the box. Consider virtual meeting rooms for consultations and services and online retail spaces for goods.
When this is over, we will all still need the staff we have, so where possible please put in place measures to build on that trust to protect them so that the business can continue. Many companies over the last few weeks have been putting in place measures to have staff working from home. Put some strategies in place that may work for you, including additional safety measures within the workplace.
Here are a few tips for a seamless transition to a remote workforce:
- Make sure employees have the tools and equipment they need to work effectively: This includes instant messaging apps, video conferencing tools, and reliable internet access. For many, equipment needed includes a computer monitor, keyboard, and mouse.
- Encourage employees to designate a workspace in their home: Separating work from life helps employees focus and stay organized throughout the day.
- Clearly communicate expectations to your remote team: Employees should know when they’re expected to be on and working, how to communicate availability, and which meetings they’re expected to attend virtually.
- Take precautions to keep your business data and your employees safe: Avoid using public networks. Work in a private space like a home office as working in a coffee shop or co-working space defeats the purpose.
Please don’t panic, we are here to support you. Contact us if you need support.