How to Design a Coronavirus Crisis Management Plan for Your Business
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As the Coronavirus pandemic worsens and we work to safeguard the health of our families, employees, and communities, many business owners are also asking what steps they can take to mitigate the wider impact of the virus on their business.
There are many unknowns and the situation is changing daily, but the answers to the following questions will help you form the basis of your plan:
What is the worst-case scenario for your business in a global pandemic?
Are employees who can do their jobs remotely fully prepared to work from home for extended periods of time?
Who are your key employees? Assemble a crisis response team made up of these people.
What plans should you establish in the event that significant numbers of your employees cannot work due to illness?
How will you handle illnesses with your employees now?
How might your supply chain be disrupted?
Are there alternative plans you should put in place if your supply chain is disrupted?
How will your business be impacted in the event of significant travel restrictions?
Do you have plans ready for your business based on a possible scenario of losing 25%, 50%, 75% of revenues?
Do you know how many months of working capital you have and do you have access to an injection of cash if needed?
Do you have sufficient cross-training in place if a key person or people are unable to work?
Can the business operate entirely remotely or from a different location?
Do you need alternative suppliers for resources/materials/services?
Do you have an adequate 'staff care' plan in the event families of staff are affected?
Have you reviewed your business disruption insurance and is it adequate?
How will you communicate internally? Externally? What message do you need to deliver? In what form and how often?
These questions should provide you with a sense of how prepared you are, and give you an opportunity to come up with solutions if needed. While it is still too early to completely understand the long-term implications of this crisis, there are several steps you can take now to help improve the situation. As with all crises, this will pass, so don’t forget to plan for the recovery stage.
Running a business can be isolating in the best of circumstances. In these unprecedented times, a community and support network to lean on personally and professionally is more vital than ever. Learn more about joining a TAB Board and reach out to us for a conversation. As difficult as this time is, you are not alone.
As the Brits would say, keep calm and carry on.
Bookmark our Important Updates for up-to-date information on the Covid-19 crisis and your business.