The shutdowns provide businesses with complex and urgent problems that require a swift and bold response. Take the following five measures to help organizations get through the crisis:
Prioritize people’s health and well-being.
Worldwide, businesses must act rapidly to meet changing public health laws and updated labor legislation. In this process, clearly defined remote working arrangements must be created, mental well-being services are undergoing, the employees’ needs freely and regularly addressed, and access to buildings controlled.
The rapid switch to cash
EY advises that companies follow a rigid approach to managing working resources, based on claims processing and stock buildup management due to lower demand. Deloitte tells companies in the meantime that an urgent cash management plan for treasury funds should be created. “If you do no strong cash flow, you can see it first,” said Michelle Kvelllo, managing director and chief executive officer of Lantern Partners. This Sydney-based consulting firm helps companies to develop their cash flow forecast, income profiling, and business modeling.”
Digital transformation is escalating.
“CFOs aggressively prioritize strategic technologies that can drive efficiency and efficiency within finance, the supply chain, and business,” said Hausmann. “CIOs will thrive on the balance of continuity, scanning, and lower operating costs with their teams,”
Kelly advises solving triaging problems. The re-evaluation owner should, for example, be entrusted with infrastructure, procedures, and team management.
Try government funding and insurance
Governments can monitor national and organizational packages to help staff, suppliers, and taxes by carrying out various incentives. Insurance may also lead to prevention or risk avoidance. “There is a business interruption insurance, but it can be costly, and read a fine print to explain exactly where you are covered,” Kelly said. “To compensate against its probability is to say that many people are discovering pandemic exclusion.”