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Reducing business risk to help mitigate Coronavirus

15 Apr 2020

Every business should have a long term strategic business plan, together with short term tactical plans to help achieve the strategy. Under current extreme stress periods these tactical plans will need to be re-written so as to adapt and keep your business on-track. Some areas of particular focus should include:

  • Minimise the potential health risk to all employees, customers and service providers
  • Operate within Government guidelines
  • Support colleagues who are struggling with the isolation and change in working practice that remote working brings
  • Understand that each of us will have remote working preferences which can vary
  • Implement business continuity plans, or if not in place, establish a set of realistic objectives
  • Manage cashflow, reduce outgoings, draw on credit/loan facilities as a reserve, take advantage of payment holidays and any Government support
  • Be creative on pricing, negotiate with suppliers and landlords and transition staff to flexible contracts to secure margins
  • Provide a programme of clear, open, regular and transparent communication with all stakeholders - shareholders, staff, customers and service providers - to provide re-assurance and commitment
  • Work smart to work around the challenges - this includes remote working and adapting the manufacture (e.g. to abroad and to products that are in demand), logistics, distribution and delivery of your product or service, so as to remain nimble, flexible and reactive
  • Ensure all assets, physical and virtual, are safe and secure, and full compliance of all business requirements are retained as far as possible

And in moments of down-time be productive, talk to your stakeholders, undertake more training, review markets and competitors and start planning for when better times return.

Martin Pattinson
Director, FocusFive - SMART Business Advice

Please note, this content is not produced by the IoD and therefore does not necessarily represent the views or thoughts of the organisation.

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