Zomu - Surviving your business in COVID situation

While the complete impact of the novel Coronavirus has yet to be seen, it's clear that companies of all sizes are contending with an economic and health challenge unlike any of us has seen in generations.

Zomu - Surviving your business in COVID situation

While the complete impact of the novel Coronavirus has yet to be seen, it's clear that companies of all sizes are contending with an economic and health challenge unlike any of us has seen in generations.

At the instant, companies generally are falling into three general categories in terms of how they need is suffering from the pandemic.

The first and largest number of companies are those currently in triage mode — focused on crisis management, workforce reduction issues, navigation of a replacement virtual work environment, digestion of latest relief legislation, business continuity, and, ultimately, the survival of the business itself within the face of this global health crisis.

The second group are those companies that have seen a surge in demand thanks to the pandemic and are scrambling to stay up. These could be in industries that are deemed “essential” (medical, telecoms, food & agriculture, etc.); companies that are helping others work more effectively (remote work software, delivery, etc.); or companies that support those industries — for instance, a manufacturer of plastic bottles used for hand sanitizer.

The third group are those that might not have felt an impression quite yet — who may currently have a backlog of business that's maintaining them at the instant, but who must keep an in-depth eye on their income to make sure they're ready to endure within the event they aren’t ready to replenish their pipeline with new business.

Regardless of which of those groups you fall under, there are certain fundamental — but critical — actions that companies can fancy help weather the storm and position themselves moving forward. .

Those measures are often divided into three overarching buckets: communicate clearly, go virtual, and identify opportunities.

1. Assess your current financial position:

It’s essential to form informed decisions about your business supported your current financial position. Pending restrictions imposed by the government, your ability to trade through this era, pay outstanding debts, keep employees or meet existing leasing or loan repayments are going to be determined by your financial position. Contact your accountant to debate the varied options which can be available and make an idea on what you would like to try to to to minimise the impact on your business. income is critical, especially if your existing income and trade have been significantly disrupted by COVID-19.

2. Prepare for the next crisis:

Covid-19 isn't a one-off challenge. we should always expect additional phases to the present epidemic and extra epidemics within the future. Our research on the effectiveness of organizational responses to dynamic crises indicates that there's one variable which is most predictive of eventual success – preparation and preemption. Preparing for subsequent crisis (or subsequent phase of the present crisis) now's likely to be far more effective than a billboard hot, reactive response when the crisis actually hits.

3. Intellectual preparation isn't enough.

Many companies run scenarios to make intellectual preparedness for unexpected situations. Scenarios must be updated and customised, however, within the light of the foremost material risks to a business at any given time. Those risks have shifted even over a previous couple of days, with the increase of latest disease epicentres.

Intellectual preparedness alone isn't enough, however. Something is often well understood but unrehearsed as a capability. Scenarios should therefore ideally be protected by wargaming to simulate and learn from behaviours under stress. A room set-up, with a little dedicated team empowered to make a decision and execute, can traverse organizational complexity.

We should expect that the Covid-19 crisis will change our businesses and society in important ways. it's likely to fuel areas like online shopping, online education, and public health investments, for instance. it's also likely to vary how companies configure their supply chains and reinforce the trend faraway from dependence on few mega-factories. When the urgent a part of the crisis has been navigated, companies should consider what this crisis changes and what they’ve learned in order that they can reflect them in their plans.