The World Health Organization has declared the COVID-19 outbreak as a public health emergency of international concern. Which is causing a very huge impact on people’s lives, communities and families. The coronavirus (COVID-19) outbreak is causing a global economic slowdown. Where employment, growth, investment and trade are all affected. This crisis will have a very huge impact on the economy.
The coronavirus (COVID-19) pandemic outbreak is challenging all types and sizes of organisations . We all know that organisations are facing several potentially significant challenges to which they need to respond rapidly or else it might cost the business. How can businesses shield and fight back this current situation to avoid long term economic damages. Here are few measures which should be undertaken by every organization for its survival
Shield your employees –
The Centers for Disease Control and Prevention (CDC) and the WHO are updating their guidelines frequently for everyone. Businesses should make sure that all the employees in the organization are aware about the same and follow the guidelines too. The management should advise the employees to refrain from non-essential travel.
Keep in touch with clients –
Businesses will need to make a collaborative effort to keep clients engaged and dispel their fears in the short term. Financial planning, inventory planning, discounts and special offers will all help to motivate and encourage current clients. For longer-term stability, firms should start assessing and targeting other market segments and identify opportunities for growth.
Upskill your employees –
Try your best to keep your employees as they rely on you, and if you have managed a good team, they should be supportive towards the organization. Rain your existing employees on additional skills so that they can be more productive and efficient rather than hiring more staff members. There are various online courses which are affordable and sometimes free too. This will allow them to focus on something else when there is no work as such.
Financial Planning (3 months) –
Every business usually has the same key expenses, which include employee salaries, office rent, and utility bills. Further expenses change from industry to industry.
Speak to who you need to pay in the next three months (landlord and suppliers), and find out what options you have to spread out the costs. Have a discussion with your business partners about your immediate and long term business plan. Look at ways of cost cutting. But use this method as a last measure after at least two months of damage from the COVID-19 pandemic.