Strategies for Business Survival in the Coronavirus Crisis

Strategies to Help Weather the Coronavirus Pandemic

1. Create a business continuity plan
   
   A business continuity plan (BCP) is a comprehensive plan that details the steps your company should take in the event of a crisis. Effective BCP can minimize friction in adapting to the changing circumstances.
   
   Your protocols should also be grounded in recent learnings, changes, and circumstances that the company has navigated through. In creating this plan, you will need to cover the following concerns:
   
   - Securing your supply and production chain
   - Protecting your employees
   - Addressing any financial needs
   - Ensuring business operations during and after the crisis
   
   Alongside your BCP, an Emergency Preparedness team should be in close coordination to follow the situation as it develops and act accordingly. Using available data and information allows for a more objective and data-driven approach, which can maximize your efforts.
   
   
2. Adopt a work-from-home policy
   
   In the wake of this public health crisis, it is highly unlikely that mass transportation will return to its previous level of frequency and accessibility. To adjust to the “new normal,” a remote work or work-from-home policy should be implemented, if not finalized.
   
   This policy should cover eligibility, remote work procedures, project management, and guidelines for timekeeping and task-tracking. Depending on the nature of your business, you may need to make provisions for work involving special equipment or presence-based work like client servicing.
   
   Once this policy is set in place, ensure that these changes are properly communicated to affected employees. If there are problems with the setup, open a channel for feedback and make the necessary adjustments.
   
   
3. Stay on top of the latest news
   
   As more information is released on the current situation, circumstances can change rapidly at any time. Your company must keep a close eye on incoming information to implement appropriate measures accordingly. This means staying updated with the latest news, as well as paying attention to multiple expert opinions and vetting information.
   
   You need to provide relevant updates in an organized and concise manner to your employees to frame the situation and management’s decisions better. Send out regular communication with a summary of facts and implications to operations will give much-needed context and avoid any possible friction.
   
   
4. Reassure your stakeholders
   
   No business would survive without its customers and stakeholders, which is why they should be aware of any changes your company will undergo in light of the situation.
   
   Create a thoughtfully-worded email or statement for your customer base, stakeholders, and the general public. Aside from notifying them of any significant changes that affect your business operation hours and availability, your message should foster trust and reassurance of the company’s service.
   
   
5. Keep your employees in mind
   
   Employees are the backbone of any business, and it’s crucial to ensure their well-being during and after the crisis. Aside from securing their health and safety, fostering trust and understanding during these uncertain times can go a long way in helping your business stay up and running.
   
   Regularly update and communicate with your employees regarding the changes the company has made in light of the crisis. Being transparent about the company’s status and how it affects both them and the business can help manage expectations and avoid misunderstandings.
   
   Consider opening lines of communication between HR and the employees for them to air out their concerns and address them promptly.
   
   Additionally, purchasing business insurance plans lets companies provide a safety net for their workers, especially in the face of the novel coronavirus pandemic. Some plans allow for customization that addresses both your company and employees’ needs better, such as health insurance coverage.
   
   
6. Re-evaluate your business status
   
   While previous risk assessments or standard procedures may have worked pre-crisis, they may no longer be suitable or effective. Given how rapidly the situation is changing, it is necessary to evaluate your business status regularly. Otherwise, any measure you have in place will not be as effective.
   
   Keep a close eye on your day-to-day operations and your cash flow. Take note of any risk your current operations may face, as well as any financial obligations. Communicate with your suppliers and negotiate for adjustments, if necessary. Seize opportunities like government relief, rent or tax freezes, and stalled payments to stabilize your cash flow.
   
   
7. Explore new opportunities for business operations
   
   Your business’ nature may need to change. After adapting to regulations and boundaries due to the quarantine, expect to make more changes soon, this time in light of the “new normal.” Explore the possibilities of delivering your goods and services through different means or change the focus of your transactions from storefronts to online platforms.

Conclusion

To survive the COVID-19 crisis, it’s clear that businesses need to adapt their systems to accommodate the major changes in daily living. Paying closer attention to the developing national situation to making strategic, data-driven decisions that prioritize both your employees and your business will help your chances of survival during and after the crisis.

For financial and health solutions that work, consult with our Corporation Solutions Specialist today.