Don’t freak out just yet! While a global pandemic may or may not be in the near future, it’s important to stay informed on the situation and take preventative measures. Precaution is always better than dealing with repercussions. While COVID-19 will have a lot of individual and livelihood impacts, today let’s talk about the toll it can take on your business. Like I said, don’t panic! By knowing all these impacts in advance, you can plan ahead and deal with less of a financial loss.
From an economical standpoint, the number one thing you need to realize is that a Pandemic is an Operation risk to your company. This kind of large-scale disturbance is not the same as a normal business disruption. A pandemic should be controlled by the highest level of the organization as it affects every single department of the company. You need to understand that employee absenteeism accounts for a huge chunk of your operational loss. While people are quarantined or recovering, they will not be able to provide their best work which could have negative impacts on the business.
Here are 5 business conditions that you NEED to keep in mind through this difficult time:
- Businesses with multiple offices in multiple cities are likely to suffer more
- The reason for this is that a larger number of employees would be absent depending on the situation in each individual city
- Make use of technology! Allow your employees to work from the safety of their own home
- Communicate via online meeting platforms
- Put a plan in motion to prepare for an impact on the supply-chain
- Due to travel bans, quarantines and school shutdowns – operations will come to a standstill
- Be aware of everyone’s religious and cultural differences
- Use language that is polite, be considerate of your employee’s feelings
Now that you are aware of all the above circumstances, let’s discuss how to properly prepare and execute a smooth yet safe business transition:
- Supply-Chains are going to be majorly affected. As the coronavirus is beginning to spread outside of Asia, global factories are starting to shut down. With this unforeseen closure, businesses will have to bear an operational loss. As a leader, you need to be ready to be quick on your feet and make tough decisions on the spot.
- At this moment a lot is unpredictable, and with this factor comes a feeling of uncertainty and anxiety. To combat these emotions, I encourage you to use technology to stay rational. Public Safety Answering Points and mass notification services are very beneficial for emergency updates and to keep stakeholders in the loop.
- Plan a way to schedule remote meetings with your employees. Discuss and prepare your office beforehand of this possibility. Put into motion a schedule to check in with everyone. Find a way to ensure work is still being accomplished while also remembering to maintain respect and concern for your staff.