Originally published: 16/03/2020 13:08
Publication number: ELQ-38847-1
View all versions & Certificate
Publication number: ELQ-38847-1
View all versions & Certificate
How to sustain a business during COVID-19 (7 Pillars)
A 7 step pillar methodology with advice on how to sustain and maintain your business during the COVID-19 Crisis.
Introduction
Daily news suggests that the number of infected is growing exponentially over time. It becomes more challenging to sustain business, manage cashflow and adjust strategy. While each firm has individual business specifics, there are general bullet points each business must keep in mind during the economic turnaround.
- Step n°1 |
Cash is the king
The business needs to hire/approach internal/external CFO to make cashflow projections for the upcoming months. Coronavirus has caused a business slowdown and it will only follow a downward spiral. The businesses must forecast debtor days and payments, negotiate with suppliers more general terms, plan leases and debts payments. Taking into consideration the high probability of several businesses going default, try to determine thresholds, forecast different critical scenarios (pay much attention to worst case scenario) and stress tests for your business.
- Step n°2 |
Keep the workplace safe
On the HR perspective, remain ethical. Although, most of employees might be young and healthy, they are not protected from the virus. Employees might have different perception of the potential risk and a great employer brand will always respect it. Provide a helping hand to employees by taking an action to prevent the virus expansion on your workplace:
- employees might be afraid of going out and prefer to work from home;
- reschedule meetings, presentations, public speeches with a great number of participants;
- conduct one-on-one meetings with employees to understand the vision of the situation and threats. In no case, employee shall think that workplace can cause damage to his personal/family health;
- ask for feedback and opinion after you take an action. After any change evaluate the results and make adjustment if necessary. Make sure everyone remains focused and try to eliminate any stress, panic and irritators that might affect your employee’s productivity.
