Each and every business in the world is getting affected by corona virus (COVID-19), either directly or indirectly in Australia. The exact response of this pandemic on your business relies on the nature of your business and the severity of the outbreak. Fortunately, there are some measures that can be taken by entrepreneurs to reduce the impact.
How To Prepare Your Business for CORONA VIRUS (COVID-19) Impact
Be Prepared but reduce anxiety
Communication is the best remedy for you and your customers. Being peaceful and having clearheaded leadership makes the safety of workers, the prior responsibility and this is of utmost importance during any of the crisis. By reaching your customers, you can assure them that you always there to support them.
COVID-19 is not a faraway warning. For the protection of your basic functions and incorporate business continuity planning, you must develop some strategies, along with close communication with workers and clients.
Visualize the scenario of worst case
You have to imagine the worse stage of the scenario. Under the influence of corona virus, the shutdown mandated by the authorities shall be liable to your business. There would be no other alternative way. You would have to abide by the rules set by the government and most of the decisions of the authorities will be out of your control.
It would be a matter of working with the numbers to look for that for how long your business would exist under the condition of shutdown and rules imposed by government. Before reaching that point, steps must be taken to protect, mitigate and plan. It is inclusive of means of maintenance of liquidity and proposed less interest loans by Small Business Administration .
Look for the key functions of your business
Another crucial step is to think about the critical aspects of the business. If your options are limited like financial reasons or unavailability of employee, you would have to care for your core processes. This also involves basic process like sales, accounting, finance and human resources. Furthermore, the most crucial aspects are to create revenues, taxes, payroll and proliferation in the likelihood of workers.
Although all of the elements are significant, you have to consider for the one that would be less affected. If your workers were not available or they have to work from home or quarantine themselves.
Reduction of the Risk
Now you have to think about to reduce the risks of quarantine, as your team is working from home or your employees are not available being ill. Also, you must look for the methods to diminish the likelihood that the team members won’t get quarantined like social distancing and less face-to-face interactions with other workers.
Go- through cash-flow forecasting
If hiring new clients is a basic process, then how long your business will last? Can you do it in just a month? Reliable Bookkeeping Services can work along with you for the cash flow management or distinct situations. You must also assure that you have exact financial data and access to real-time data so that you have the know-how of financial status of your business.
Using Cloud-based Tools
This point is worth discussing. It is very helpful to make user of cloud-based tools that allows staff to share and access the information, within the workplace and also remotely. With this feature, the members of the staff can pick up where one has left.