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7 KEY ACTIONS BUSINESS CAN FOLLOW TO LESSEN THE EFFECTS OF THE PANDEMIC
Every day, we face lots of crises. When the coronavirus outbreak came, everything gets worse. Business leaders are concerned about the welfare of their people and their organizations. The COVID-19 pandemic is beyond the experience of most business leaders. Estimating the effects of the pandemic on the global economy is hard. Massive disruption to supply chains is already visible and if the infection continues to spread, it is possible to see a widespread closure of schools and workplaces.
Being prepared is another key on how to manage any crisis. The following are the 7 actions on how you can lessen the effects of the pandemic:
- Review workforce locations
Establish an exact number of staff and how many workers are infected. Some upcoming travel plans need to cancel, rescheduled, or reviewed. Clear policies should be in place to address the absence due to caring or sickness or relatives. You also need to set protocols for visitors on your company sites, travel restrictions, and the procedure for reporting illness. Be prepared to refresh continuously and update these policies.
2. Revisit your continuity plans
There is nothing test theory quite like reality. Although, every well-run business has a crisis plan and many of them have a pandemic plan. These questions might give you an idea on what to do;
- What is the process for informing travel policy and advice?
- In what way will communicate with employees be coped?
Throughout every crisis, the major worry for the leaders is gathering precise information quickly.
3. Evaluate the supply chain
It is a big help to have a clear understanding of your supply chain. It is to help you expose any potential vulnerability. You might begin with the most critical products right down to the raw materials. For instance, if your products have a component of a country that becomes isolated, do you have a secondary supply.
4. Identify potential points of failure
If the virus continues to spread, call centers and shared service centers are potentially vulnerable. You should know if you have any employees with an accurate ability who might step into critical roles if necessary.
5. Get communication right
Confusion and disinformation have spread along with the virus. Stakeholders and employees will be looking for reassurance from you that they are being protected and that the business is prepared. Leadership must be seen as a source of truth. Accuracy and consistency of messaging is the key. Your workers will need to know that their safety is paramount.
6. Use scenario analysis
Scenario planning is a critical tool to test preparedness. The pandemic holds the potential to impact every part of your business for months. You should know what can be the best- and worst-case and if the business is equipped to cope. You must also know what would be the possible impact in the longer term.
7. Do not lose sight of other risks
This pandemic is not the only threat we have. We don’t know what the next few weeks and months could bring. There are many other risks that businesses face, one is Cybersecurity. You need to make sure that as early as now, every part of your business is safe and sound.