The coronavirus outbreak has affected all business sectors across the world. A detailed continuity plan and financial forecast could help organisations sustain ongoing operations to the extent possible. We set out certain steps that can be taken by each organisation on a case-by-case basis of course.
Best practices must be implemented to keep employees safe.
A detailed communication plan targeting employees, customers and suppliers will assist relaying the company message, schedule updates and optimise technology as appropriate. A Communication Officer could be formally appointed considering the high importance of this task.
Given the significant changes in the way of carrying out business during the short term, business must contact clients and confirm existing or planned projects are still on track. Payment terms may vary subject to each case at hand of course. It would also be appropriate to seek payment of any receivables, subject to the ability of clients to pay.
The crisis may offer an opportunity to work differently as well as offer a variety of new services that could fill various needs that have been created since the outbreak of the virus.
Given the extensive disruption of supply chains worldwide, subject to the activity of an organisation, it could seek confirmation of delivery of expected supplies or deferred payment terms for payables.
Transformation of business operations processes along with the ability to respond on a day-to-day basis remain key under the extreme circumstances. A lower capacity is expected albeit fast recovery will be necessary once the crisis ends.
RELATED INSIGHTS FROM OUR CRISIS MANAGEMENT PRACTICE GROUP
OUR CRISIS MANAGEMENT PRACTICE GROUP
We always have in mind the particularly demanding nature of our clients’ needs in both good and bad times.
We assimilate all our forces to help our clients through critical situations.
Please do not hesitate to contact us if you require further information or support on such matters.