| |
STEP |
ACTION |
| 1 |
Virtual War Room |
Now is the time for strong leadership. Bring all your business leaders together via video conferencing daily where all issues and challenges from the list below are reviewed, contingencies made, and updates shared with the appropriate people. Ensure you have an online information system or a spreadsheet that all members have access to. The War Room must be a place of calm and considered strategic decision making.
|
| 2 |
Staff Communication |
Daily routine of calm communication from the CEO/Owner to all staff is essential. Use platforms like email, slack, what’s app, zoom or video and provide your team an update from the ‘War Room’ on information important to your team. It is important to emphasize to your staff the risk posed to the business and their employment of exposure outside the workplace and to encourage staff to adapt their behavior accordingly.
|
| 3 |
Customer and Supplier Communication |
Weekly or twice weekly routine of communication from the client managers or company CEO is essential. Using email or video will keep your customers and suppliers up to date on any developments, plans and changes to the way you service them, or they work with your business.
|
| 4 |
Customer Risk Assessment |
Audit your customer list and review the potential demand for your products or services over the next month/3months/6months etc. Will it go up or down? Consider each customer’s credit risk again. Also review your current credit policy, you may need to tighten or relax your credit terms to ensure you and your client’s longevity. Consider what your business can afford to do.
|
| 5 |
Human Resource Matters & Staff Leave |
Research the new Emergency Paid Sick Leave and Emergency FMLA. Staff who need to or decide to leave work due to symptoms or are ‘at risk’ can access sick leave. The aim is to keep your team employed. Layoffs might be another option.
|
| 6 |
Financial Position Assessment & Projection and Metrics |
Assess current cash reserves and credit facilities, ensure you have a 3-month, 6-month & 12-month projected cashflow that includes significant downturn in trade. 15%, 30%, 50%. This information will be key to how you manage staffing and overhead. Get in contact and stay in contact with your bankers.
|
| 7 |
Opportunity search
(Silver Linings?) |
In every crisis there is opportunity and they will present themselves throughout the turbulence. Keep your eyes and minds open to new opportunities. It might be a rethink on how you currently service your clients, it might be that remote working of staff becomes ‘business as usual’ after the Covid19 crisis abates. The important thing is your business is positioned to take advantage of these opportunities that will present themselves.
|
| 8 |
Preparation
(After the Crisis)
|
As with all severe events globally they do eventually clear. While the disruption they leave behind can have a lasting impact, business does return to normal or be it a ‘new normal’. Ensure your planning includes time frames of 3 months, 6 months, 12 months or longer so you are poised and ready to capitalize as business returns to normal.
|
