How to protect your company from Coronavirus (COVID-19)

What you will read in this article

  • What should be done to minimize the impacts of the Coronavirus COVID-19
  • How to adopt Home Office in my company
  • What are the points of the legislation on the Home Office
  • Creating a Home Office Adoption Policy and Rules
  • Productivity Management and Work Hours
  • How to Assemble a Home Office Adoption Pilot
  • What Social Capital is doing to minimize the impacts of COVID-19

It is a fact, the Coronavirus has become a Pandemic as the AMS has published and it is already affecting business all over the world.

A crisis is a major temporary change, and the risk is not having a plan, taking action according to the moment.

Thus, this matter does not have to be dealt with in such a way as to generate panic, but rather, in a line of management to make the company stronger and more prepared.

We have gathered in this article how companies can do to avoid the effects of the crisis and still create competitive advantages for the future. Come on…

What should be done to minimize the impacts of the Coronavirus COVID-19

Well, we are seeing that businesses around the world are having an impact with the coronavirus pandemic.

Adopting active management to minimize impacts is essential. We know that some businesses have suffered more than others, but having no plan can get you in trouble.

We have separated some fronts that should be the priority in order, with Crisis Management, Physical Security, Reputation and Business and Finance and Cash. We will detail what to do in each of these boxes.

a- Crisis Management

First item in the priorities of any company is to manage the crisis. The company must anticipate and have a plan thinking about the worst case scenario. Among the items, think about:

  • Make a list of activities and functions in the company that may be impacted by the coronavirus .;
  • List all bypass alternatives for a possible lack of human resources;
  • Predict situations where suppliers and partners fail;
  • Have a reinforced box for the period, see the item below.

The company must also be attentive to the government’s movements, which tend to adopt measures to minimize the effects on the economy, and to the health protocols and safety guidelines.

Doing all this alone can be exhausting for the Entrepreneur, so a good practice is to have a crisis management team, so you can have quicker reactions to the events that occur with an analysis without all the pressure of being individual.

Keeping calm and not getting desperate is essential, so it is recommended to practice communicating the actions being carried out to the company’s skateholders.

b- Physical Security

Don’t forget, you must first of all protect your employees and customers from the physical risks of contamination.

Expand and improve the cleaning and disinfection of environments. You can extend the cleaning and adopt measures so that items that are accessible to hands have special treatment, such as door handles, coffee machines and all furniture in use.

Another important action is to encourage employees who are sick or with symptoms to stay at home. Below we will talk about Home Office actions that can be adopted, including for employees who have had contact with infected people.

Many companies have already adopted, as a protocol, reducing travel and external meetings. There are tools like Whereby , Hangout Meet and Skype that will help you adopt video conferencing to measure. Another good measure is the adoption of Home Office for collaborators who can perform the tasks of your home, it is only necessary to do this action with caution to not have a drop in productivity.

If it is not possible to act as a Home Office, it is possible to create flexibility in the hours of entry for employees so that they avoid the peak hours of public transport. This is one of the actions that we have adopted in Capital Stock .

As physical contact can increase transmission situations, you can improve work environments for employees and consumption for customers, expanding spaces, avoiding direct contact. Simple actions like limiting the number of people in elevators have helped in this matter of avoiding contact. Limiting air conditioning using natural ventilation also helps people not to be confined.

 

We recommend for you:   Working Capital: What is it and how to calculate?

 

Finally, don’t forget to give guidelines on good health practices. Do not be educated about the risks, symptoms and preventive measures available. The Ministry of Health booklets can be used to use official information.

Good practices should be encouraged, such as instructing employees to wash their hands before starting work, after sneezing or coughing and after touching potentially infected surfaces or objects.

c- Reputation and Business

Here the risks are great, as your company must act in accordance with the culture it has, and so we must avoid actions that are not part of your profile.

Review the values ​​with the team and make sure the actions are consistent with them. The entire community must be aware of how your company performed during the crisis.

One must have a plan regarding the business, if it should have a break, or not, and measures against crisis and assistance to business partners.

One item that is not normally paid attention to is the security of sensitive data. Using a home office, use your IT staff to take cyber risks into account.

d- Finance and Cash

The risk of business continuity lies with Caixa. Check your Cashier situation and improve it if possible.

Companies with tight cash, or even depending on revenues to balance their finances may suffer a lot during this period.

View your Accounts Receivable and manage your default. You may see an increase in late payments. Encourage advance payment by offering some discount. See more measures to improve cash flow in Cash Flow: 9 tips to make it more effective (I bet you didn’t know the 8th tip!)

It is a fact that consumption or purchase in person tends to be reduced with the low circulation of people. So you must reinforce online channels like your Ecommerce and Delivery.

Another important action is to verify the contracting of Working Capital resources with the Banks. In crises, there is usually a shortage of liquidity and if you have a line available, evaluate your hiring, even if there is no immediate need

 

Leave a Comment