The COVID-19 outbreak has brought in several questions for the future of the world. The coronavirus has now been declared a pandemic by the WHO, which means that it has now shown its presence in almost all the continents. Even powerful economies like the United States and the UK have reported a surge in cases, with the former even taking over China in the total number of reported cases.
The entire world is now focusing on minimizing the harmful effects of this pandemic, and the goal on everyone’s mind is to ensure that more lives are not lost. Amidst all of this chaos, there is no doubt that the COVID-19 impact will definitely be seen in the economy.
As there are no known cures for the virus, people have been told to stay at home and self-isolate, with several governments even pushing for a center-imposed lockdown. This would mean that people will have to remain at home for at least a month, with their work lives facing a dynamic shift. Companies are trying to cope with the changes by enforcing work-from-home measures, but several other businesses and establishments do not have this option. The thought on everyone’s mind today is about coronavirus and businesses, and how they can recuperate once all of the chaos settles down.
The equation between coronavirus and businesses
With a majority of every company’s workforce being asked to stay at home, people are scrambling to find out how businesses can handle the lockdown. Here are some measures that can help mitigate the situation temporarily –
At a time when people are required to carry out all of their communication from their homes, it is certain that employees may be exposed to conflicting information, making them more confused and anxious than ever. A team mentor’s responsibility should be to communicate policies clearly, in a way that can allow employees to understand the best course of action, if the need arises. In addition to laying out the policies, employees must also be made aware of the reasoning behind these policies, which will allow them to take the initiative even while communicating with clients or contractors.
Work From Home
In several companies, employees may not be fully aware of the functioning of the work-from-home policy. In fact, in certain cultures, such a policy may not even exist. Regardless, WFH measures are the norm now, for which reason, employees should be made fully aware of their responsibilities at this time. Being able to work from home should not be an excuse for slacking off, and employees should be educated on their responsibilities during this time.
As a team mentor, you can definitely anticipate several employee needs in the coming weeks. In a time of panic and anxiety, the best way for you to keep your employees in high spirits is by creating solutions. The right way to do this would be to create an information hub where employees can find all the information and solutions needed to tackle day-to-day problems. It would be more helpful to keep the solutions locally-specific.
Stabilize the supply chain
In a time of financial crisis, it is every company’s best bet to try and stabilize their supply chains. They can do this by making use of safety stocks, associating with suppliers to solve bottleneck issues, and also coming up with alternative sources or solutions. All relevant stakeholders must also be kept in the know-how regarding the next plan of action.
At a time when employees are not as easily accessible at the workplace, there needs to be a rapid-reporting cycle that allows you to stay up-to-date, especially in times of unpredictable fluctuations. Rather than slacking off at this time, companies should opt to be more proactive when it comes to performance management. Eventually, once the crisis averts, the market will reveal which organizations took on this challenge in the best way.
Financial guide for business during the lockdown
Timely payment of taxes, as well as careful tax planning for the months ahead, are of crucial importance to any company. In addition to this, companies should also look into the legal consequences of non-fulfillment of contractual obligations. The ‘Force Majeure’ clause will come very much in handy during this time. This clause simply elaborates on the steps to be taken by both parties if either of them are unable to fulfill any obligations due to events beyond the parties’ control – and the coronavirus pandemic is definitely one such event.
Companies should also remember to review all of their contracts and revisit, as well as renegotiate terms if necessary. In order to keep their finances intact, companies should know about their rights, obligations, as well as their opportunity for recovery.
The best thing for a company to do during this time is to enforce effective and thorough communication across all spheres. Seek financial advice from the experts and start to curate a plan before the situation spirals out of control. It should also be part of every company’s corporate responsibility to support others in your supply chain, community, industry, as well as local government. There is no doubt that the COVID-19 impact on the economy will last for months and years, but being prepared for all the disruptions in your company’s financial health will help you navigate the situation better.