What’s the difference between an epidemic and a pandemic? If you’re like me, you probably Google it to get an answer. Bottom line – pandemics aren’t your usual business disruption. These rare, extraordinary events happen over a period of months. They bring a variety of risks to businesses, government agencies, and non-profits, especially in areas such as operations, cash flow, product availability, and disruptions to the economy.
It’s too late to start planning for a pandemic now (it’s already here in the form of Covid-19), but you can try to implement strategies ASAP that can help you weather the storm. Below are some things you can do NOW to respond to Covid-19 in your business or organization.
- Create your crisis team, and review your Business Continuity Plan. Parts of it probably need to be activated now.
- Communicate what you are doing as an executive team to your employees, customers, and key 3rd parties.
- Evaluate staffing levels, implications of high absenteeism (especially on critical processes).
- Communicate your ability to provide products and services to your customers, especially if you have delays or order backlogs.
- Understand changing regulations and laws that may affect your responsibilities to your employees.
- Ask Key Team Leaders to reforecast the remainder of 2020.
- Monitor your cash flow closely and verify your lines of credit and other financial resources.
- Educate your employees on proper personal hygiene and make sure your offices are cleaned often.
- Check-in with key 3rd parties to determine their likely ability to weather the storm.
- Create a plan for monitoring backlog of work, and be ready to catch up when business returns to “normal”.
- Disruptions to key strategies and projects that are moving your business or organization forward.
- Reputational damage from your organization’s response to Covid-19 pandemic.
- Overreactions by your HR or legal teams.
Now that Covid-19 pandemic is here, Crisis Management is essential. Below are a few key areas that can help you stay on top of the situation.
- Monitor the situation, be ready and flexible when things change.
- Review HR policies and procedures, look for gaps in accommodating new working situations.
- Communicate with your team and customers regularly.
- Review your Remote Working policies and procedures; update as needed, and don’t forget cybersecurity.
- Monitor your cash flow closely, document your Covid-19 expenses (could come in handy if you qualify for government financial relief later).
- Keep track of deficiencies in your current Disaster Recovery Plan so that you can be better prepared for the next disaster.
So, remember to Act Now, Prioritize, Avoid, and implement Crisis Management.
See our Coronavirus Status Updates page for more information on current support status and other important communication from The Fulcrum Group.