The ubiquitous financial destruction due to covid-19 has affected the businesses severely. The revival has become difficult, and an intense struggle is constant for survival. The businesspersons are working hard to cope-up with the chaos.
No doubt, the risk management skills are in high demand during this time. Do you also have a business? If yes, then it is a matter of concern for you too. It is better to know how to handle the risk in the best possible way.
Here are some of the workable ways of risk management for business during COVID-19.
Find Out Methods to Ensure Business Continuity
When lockdown started, the first thing that got affected was the regularity and continuity of work. Things that are necessary to happen every day stopped suddenly with a jerk. Daily production, delivery, client meetings etc. everything came under a big full stop. If you want the survival of the business, you need to keep going.
Make a BCP, i.e. Business Continuity Plan. A good plan includes strategy on the following points –
- Equipment requirement
- Contact list
- Personnel requirement
- Recovery strategy
You need to be perfect on all the essential aspects, as there is no space for a mistake during this difficult time. Your business may lose its identity as well as existence in the market very quickly. Work immediately to let your commercial activities breathe.
Apply Preventive Measures if you Have a Supply Chain at Risk
It is a massive task as you need efforts at a large scale to tailor your supply chain according to the latest requirements. You need to work on all the fronts at the same time.
- Find out the alternate sources of supply
- Make an action plan for labour role
- Make due changes in the inventory policy
- Stop the non-essential travel
- Make arrangements for flexible work shifts
- Plan for plant closure
- Ensure the effective use of warehouses and storage rooms
- Work on the sanitization arrangements of the employees and labour that come for work
- Check WHO Guidelines Here.
For sure, according to your business, the above list may add many more points. But you got the idea perhaps. Work on every part of the supply chain, as continuity is the only key to stability and success for a business. You need to work hard but if that is worthy, leave no stone unturned.
The Communication Strategy
It is the most important, as communication is the only bridge between you and the people involved in the business. From employees to a delivery boy and the shareholders of the company, all connect through communication. When no one can see the other physically, communication becomes the most critical tool.
- Make sure that all the necessary people are well connected online
- Keep the team leaders informed about the latest decisions
- Do regular video calls. At least one call in a day should be planned to know the outcome of the day.
- Keep breaking the myths of fake news as they can create havoc.
The world of human civilization could never achieve the success it has today without communication. Make the best use of artificial intelligence and all the possible trait of communication technology. It will show you escape windows and will take you through the bad times.
Keep all the Data Safe and Organized
You will need access to all types of data and details. Generally, the information was a few clicks away in your office computer, but now you and most of your employees are at home. There will be the need for the data transfer at a large scale.
All the talented people of the company should have immediate access to the data. To prepare weekly, monthly performance reports, you all will have to access the necessary information. Loss of essential facts, figures and statistics can cost you considerable damage.
Do not Forget Debts and Future Goals
With many other responsibilities, you also need to keep sufficient money to pay debts. Besides, your future goals should not get neglected, as they are the inspiration for the improvement. Maybe you want to buy an office space to get rid of the expensive rental place. You will need a commercial mortgage for that in the future.
Keep the credit score in good condition. However, bad credit mortgages are also available at Shinemortgages.co.uk, but it is better to not to get into that situation. Pay the bills and debts on time as much as possible to prevent financial pitfalls shortly.
The thing is that…
Immediate action is the key to safe survival of the business. You need to have unshakable attention on every part to take the timely action before the destruction happens. It is a challenging time for the whole world, and like all, you can only try your best. Usually, honest efforts get a positive reciprocation from destiny. Give your best, and then covid-19 cannot harm you and the future of your business.
Debra Vandyke is an associate editor for Wahu Times, focused on viral/trending stories. Before joining News Reporters, her print and digital work appeared in Vice, NPR the Gauntlet and many others. She has a master of journalism from the Texas A&M. She is based in NYC, and can be reached via her email or our contact form.