COVID 19 OUTBREAK: Tips for CEOs to Sail Through This Crisis
With the outbreak of coronavirus, there has been major impact on businesses worldwide. Organizations have been struggling hard to ensure business continuity & maintain productivity at its maximum. The coronavirus outbreak has resulted into rapid change in the market dynamics and global business scenario due to which economic activities are disrupted at all levels. As a result, business leaders across industries are under immense pressure to assess the potential risks with rapid response solution. In this article we have summed up some effective tips to help business leaders navigate through the crisis of COVID-19 crisis:
Tips for Business Continuity Planning Amidst COVID-19:
Amidst this crisis, access to capital is one of the major challenges for small & medium size business enterprises. As revenue take a hit during this period of crisis, enterprises need to keep their business operations running at lower costs. To combat this challenge and keep business running smoothly, business leaders should look for new ways to secure immediate liquidity. This is where you can consider proposals like ‘Small Business Workforce Stabilization Fund’. Such proposals can help you avail financial assistance in this crucial time and keep business solvent. Additionally, company CEOs should concentrate their efforts into developing incident management & scenario planning specific to the crisis, effective communications with stakeholders and concrete strategy to ensure the safety of workforce.
Managing workforce in this time of crisis is one of the biggest predicaments businesses facing across all industries. Ensuring smooth business operations with limited capabilities of workforce is putting pressure on business leaders. This might result in more errors, greater delays & customer dissatisfaction. Therefore, being a business leader you should embrace a defensive talent strategy main purpose of which should be to identify and retain key contributors. Besides, assessing remote work strategy and attending to immediate global mobility concerns, such as HR policies and first-aid plans can help businesses to efficiently manage the workforce and subsequently maintain productivity.
Ensure Continuity of Supply
Although the domino effect of the coronavirus outbreak is not easy right now to assess, there are several steps that business leaders can take to mitigate risks and prevent the disruptions of potential supply chain. Therefore, business leaders can establish an alternative supply base that can reduce dependency on one specific region or supplier. Establishing an alternative supply base can reduce dependency on one specific region. It’s high time for businesses to avoid reliance on single-source suppliers for raw materials and other requirements.