Business owners across the world are searching for new ways to continue operations as we work through the coronavirus (COVID-19) pandemic. Now more than ever, it’s important to be predictive and proactive in your decision-making, and take the right steps to ensure you’re preserving your business. While each business has unique key issues to consider, the following areas should be a top priority for reshaping your business continuity plan during COVID-19.

Take Employee Safety and Engagement Into Account

Above all else, employee safety and concern should be your #1 priority at this time. Just like we look to our community and government for advice, employees are seeking guidance from their employers as well. Taking efforts to speak transparently and keep employees reassured goes a long way in business continuity. In order to prioritize employee safety, here are a few recommended steps:

• Implement or expand on flexible work arrangements.
• Reorganize teams and allocate resources accordingly.
• Create employee well-being programs and policies.
• Send out regular communications in compliance with government and health authorities’ policies.

Identify Areas of Concern

By this time, most businesses have experienced significant operational disruptions as consumer demands and behaviors are changing rapidly. Unsure on where to start? We suggest reviewing these key areas:

• Short term liquidity. Instill short-term cash flow, enforce discipline on working capital, and keep constant contact with stakeholders.
• Financial and operational risks. It’s important to monitor direct cost escalations and how that will affect product margins, intervening and re-negotiating.
• Alternative supply chain options. If you’re sourcing anything from areas that have been significantly impacted by COVID-19, this step is critical, and necessary to meet customer demands.
• IT backup processes and procedures. Especially for teams who have gone fully remote, it’s important to make sure data is backed up and secured (pst…we can help with that)!
• Customer service and customer communications. Messages to your customers should be concise, transparent and cohesive.
• Employee training and/or new hire processes. Onboarding processes could change substantially during this time. Ensure your new hires have all the resources needed for a virtual onboarding.
• Recordkeeping and supervisory obligations. Note if there are any changes in the way employees are clocking in and out, or reporting to management.
• Emergency contact and communications trees. In the event someone gets sick or employee counts change drastically, an org chart will serve as a reference.

Build Resilience

Now that you’ve identified your key areas of concern, it’s time to implement! Especially because this is a fluid situation, management should be consistent and timely when reporting any deviation from the new plan.

The business impact of COVID-19 was impossible to predict. And although it’s created financial stress on businesses worldwide, it’s forced us to take a deeper dive into how we prepare for these types of situations. Now that businesses have been forced to face these challenges, we’ll know how to better shape our plans for the post pandemic world.

Remember: change is scary! Implementing these changes comes with a level of uncertainty, hesitation and risk. If you’re struggling to adjust your business continuity plans during the COVID-19 pandemic, we are here to help! We specialize in developing solutions to mitigate risks, protect your financial assets, and reduce down time in unplanned disruptions. Give us a call at 410-453-9300 or contact us on the website.