Business continuity during and after the pandemic crisis

Everyone is busy with the pandemic updates. How many new cases, recoveries and deaths. But we must be busy also with other serious issues. Unfortunately, still some neither can capture the full picture nor understand the consequences of the current crisis on the business continuity. Nothing here to scare you but it is really a must to start educating your valuable staff about what is waiting ahead after the crisis ends. 

Limited movements, working from home, or reduced salary are some of the symptoms that appeared in some businesses. Meanwhile, some were unlucky and were forced to reduce staff and/or jobs or even go bankrupt. 

To be more practical let us put our emotions away and see the naked fact that if a company can survive now, maybe they cannot later! as nobody knows so far when life can be back -somehow- to normal. Thus, it is very important to take more hard decisions, educate and share with your people what is needed from them to sustain your/their business. For me, I would say that the main responsibility is now on business leaders and owners’ shoulders. Continuity must be considered as the main goal.

Thus, hereinafter some important questions you need to answer them to help you with your decisions. There are many other important questions, answers and corrective reactions you need to do, so let us go through some of them:

 Q. Are you complying with your local government regulations?

• Never risk your business by violating regulations. The money you would make now isn’t worth risking your people, business partners, and your business reputation.
• These are temporary restrictions, even if it took a bit longer, so it is important to remain updated with any new announcements. 

Q. Do you offer a safe workplace to your staff and visitors e.g. customers, vendors, suppliers, etc…? 

Your people are your main asset, and they must be safe in their workplace. To work without any fear of infection from each other or from whoever they are dealing with. 

• Disinfect the workplace, and stick to high standards, then control the access and limit the physical interactions. Keep in mind that disinfection will remain as a continuous process for quite long.
• Distribute and display safety instructions to all of your staff, keep them visible to all, and make sure that everyone is updated.
• Force the use of the Personal Protection Equipment – PPE through the entire organization and be a leader in that.
• Remain updated, search, and follow the best practice.

Q. How long does your cash flow can support your operations if a long recession happens after the pandemic?

It is not about now only as it will take longer. Thus, you need to plan carefully for the longer-term. 

• Some governments were able to announce support programs, get an advantage of that if your business is eligible.
• Check your receivables and make sure that you can still make revenue from your current operations. 
• Think twice before deciding a new loan, however, consider it as an important survival option. In all cases, you need first to know the currently available and future possible funding sources.
• Analyze your payables carefully, and don’t hesitate to ask your long-term suppliers and real business partners for restructuring your payments 
• You need to re-evaluate your complete future expenditures & investments’ plans in addition to any of the divides’ distributions.

Uncertainty is the biggest challenge now, but you can overcome that by placing alternative plans and rework on a realistic budget and cash flow plans.

 Q. How to maintain your assets?

No, it’s not about fixed assists only!

• Your people are your most important asset, you invested in them much and they are your success partners. Don’t lose them by making wrong decisions. Remember also that whoever you will lose now, you will lose your investment in him as well, and he will work tomorrow with your competitor. Think twice before cutting or reducing salaries or benefits, that would destroy the loyalty within your organization. That crisis will not last forever, so you must be very careful, fair and balanced before taking such dangerous decisions. 
• Only if you were forced to do so and have no other options then explain to everyone why, how, and when you will do that. Please pay them later whatever you will reduce now and offer an unpaid leave – with kind of compensations to support them to survive- instead of reducing people. Again, remember that it is not a solution but it’s a step you are taking to prevent a bigger disaster. Consult your legal advisor and human resources consultants to avoid any illegal actions and to be fair enough with your people. Finally, remember that it is the worst thing you can do in your life if you don’t have to!
• Don’t sell your assets now to get some liquidity. In either way, you will not get a fair price now! However, if you are financially solid and have enough liquidity, it’s an amazing opportunity for acquisitions, buying new financial and fixed assets. Always consult your financial professionals.
• Avoid and reduce the unnecessary costs related to your assets e.g. renovations, etc… 

 Q. Can I move digitally and online?

E-Commerce is not the only answer to that question as a complete digitized process can help you in your internal operations and in cutting costs.

• Communications with your team and third parties can remain active via many possible audio/video applications. Utilize these communications channels to the maximum.
• Some businesses can move almost completely online, and that can help you in reducing some capital or operational expenses.
• This crisis created a completely new consumer behavior. Most of your customers became super active online more than ever before. Such a change will last, as it becomes more of a behavior than a temporary option.
• Connect to the maximum possible number of new prospects and customers.

 Q. Each crisis creates an opportunity, what are the opportunities that you see around?

Be optimistic and think positively. Many companies raised and succeeded in crises and under pressure.

• This crisis created new sales channels and opportunities, but it depends on your creativity and how fast you are in your reactions.
• Keep thinking “In, Out and On lines of the box”. It means to be creative and never stop searching for opportunities.
• It’s a pressuring time thus, it’s wiser not to think and decide alone, create a crisis management team and involve others in your decisions and ask for their contributions for creative ideas and solutions as well.