How to reduce the impact of COVID-19 on your business

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Any decision made and is not well thought out could lead to a lasting negative impact on the business.

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Photo credit: Picha Stock

Over the past few months, COVID-19 has spread to all continents (except Antarctica) and significantly changed the lives of people. The greatest impact has been on the global economy. It has slowed down the global annual growth this year to below 2.5% which is the recessionary threshold for the world economy. Many businesses have filed for aid from the government or bank loans to help them recover from incurred losses. There is also a drop in performance efficiency among employees. Any decision made and is not well thought out could lead to a lasting negative impact on the business. This article highlights the right measures you can take as a leader to reduce the impact.     

1. Crisis management plan

As the company leader, you should analyze roles and key positions that will be critical in running your operations and establish an effective process of management and decision making. Team members need to be well prepared to execute timely decisions in the case where primary decision makers aren’t available. Review what policies work and improve on the ones that don’t. For example, formulating flexible work plan and sick leave policies for your employees who can’t wok remotely like cashiers, drivers, security guards etc. will create time to focus on tackling more important and critical tasks.     

2. Communication strategy    

This can’t be emphasized enough. Effective communication is key during any crisis in order to maintain customer relations and help boost employee morale. Currently, there are different narratives on social media concerning the pandemic and its impact. Most are false while some are overstated. It is important to have a consistent and timely messaging to share up-to-date relevant information with your employees and stakeholders on any emerging issues in the work place.

3. Third party assessment and contracting

The lockdown has led to disruption of the supply chain for most small and medium enterprises. Many companies have been relying on outsourced vendors and suppliers for delivery of products or services. The situation calls for us to be innovative and strategic in how we can continue to deliver value to clients. This has led to most companies contracting 3rd parties, for example, delivery drivers who keep the supply chain flowing.

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