Recover the corporate after the pandemic is the top concern of the economy. What does each business need to do to maintain and be ready to enter a new normal?
American risk management experts advise to keep businesses viable and ready to operate effectively after a pandemic.
The Covid-19 outbreak is having a big impact on businesses, causing some to downsize or shut down altogether. While waiting for the clear support and decision of local authorities, businesses can proactively do some things in advance to be ready for the reopening time.
Here are 7 specific steps, suggested by risk management expert Nicholas Bahr of DuPont Sustainable Solutions (USA). He has spent 35 years helping businesses respond to political, climate and terrorist risks.
Keep close and regular online communication with employees to get an idea of how they have been affected by the epidemic. Reassure them when possible, especially the intentions of your support for them.
Build a governance system:
Create a governance system for decision-making, by focusing on data rather than emotions. This management system can be divided into three levels: short term – dealing with human resources and daily work; medium term – cash reserve plan and the possibility of layoffs; long term – calculate major economic impacts.
Operation of risk assessments:
Once an enterprise has a system of risk assessment in place, it may no longer be compatible with Covid-19. Therefore, a new approach should be established, focusing on the hygiene and safety measures necessary to protect people, finance, technology and operations during an epidemic.
Increase outward communication:
“During a crisis, your biggest commodity is trust,” Bahr said. Take the time to reassure customers, partners and the public that you are taking the appropriate measures to combat outbreaks and even help resolve them.
Supply chain assessment:
Find out what customers you have and their requirements. Then, speaking with suppliers about their current competencies, it is important to be wary that they can be more promising than they are capable. If cash is tight, remember that not everything needs them. Instead, get creative and think about how you can communicate with your partner products, benefits and services.
Operational Risk Review:
Evaluates all aspects of the business’s operations. Make a checklist before working again. That will make sure you are fully ready when social situation allows.
Use downtime effectively:
Make the most of all your free time thinking about developing any service and product you’ve never had before. Encourage employees to participate in this process so they feel valued and productive.
In fact, Nicholas Bahr’s recommendation is similar to that of many other managers. Jordan Strauss, former chief executive officer of Kroll, a division of Duff & Phelps (USA), thinks that business owners should spend some time each day looking for new opportunities. Meanwhile, Greg Milano, CEO of strategy consulting firm Fortuna Advisors, said the recovery strategy can be broken down into three main steps: surviving, improving, and seizing opportunities.
According to Greg Milano, businesses first need to deal with cash flow and liquidity issues. Next step, think about possible areas for improvement, such as technology modernization. Finally, for those less affected, it may be the time to take advantage of new business opportunities.
While Bahr’s advice is designed to help businesses get ready to recover from a crisis, he says, it can also help them respond during a pandemic.
According to him, the change in business conditions when it comes to translation is likely to happen in four ways. First, many businesses will start operating remotely, as working from home becomes more feasible. Second, it is the trend of remote working that will create the rapid development of technology. Third, globalization will need to be reconsidered to be better able to adapt to shocks similar to Covid-19. And finally, businesses in general need to become stronger, more focused on long-term planning.
While the short-term prospects of many businesses look dim, Bahr likens it to walking in a dark tunnel. “It’s important to remember that we’ll get out of it,” he stressed.
Cao Phat Dat during the last pandemic, with strategic vision of the Board of Directors, human resources and execution capacity. We have quickly grasped the transformation of the market, responding to the needs of our customers quickly. Therefore, we not only maintain stability but also increase production during the past time.
Hopefully, with the new normal state setting, the shift of factory systems from China to Vietnam, and the Government’s policies to support business development in the coming time, the economic shape will flourish, recover the corporate after the pandemic will return to normal state and grow even stronger.
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