Current corona virus pandemic is most likely to affect our business directly or indirectly. The best way we can handle is to plan, prepare both internally and externally. This is the time when Business must communicate regularly with Employees, Customer and their supply chain. Few Steps :
(i) Prepare a Plan
There is a need to create contingency emergency plan which can meet challenges of this situation.
(ii) Come out with work From Home Policy
It is best time to lay down work from Home policy for their businesses and finding alternative work arrangements to keep employees from coming into the office and avoiding contact.
(iii) Helping Customers
Our Customers, suppliers must be affected as well. Depending on supply situation, your business may not be able to fulfill orders, or your customers may not be able to buy the quantities contracted or expected. It is the job of your business to inform them and figure out how best to solve the problems at hand, both existing and expected.
Assist Your Clients / Customer With more flexible Terms
Believe me, if this time of crises if you support your customer, they will remember you forever. Businesses need to make a sincere effort to keep customers engaged. Inventory planning, discounts and special offers will all help present customers. For longer-term stability, Companies must start assessing and targeting other market segments and identify opportunities for growth.
(iv) Take care of your Supply Chain network
At this moment regular interaction with suppliers are essential responsible. You need to work together to mitigate the risk of interrupted supplies.
(v) Safeguard your organization
At this time of hour, you must protect your core employees in terms of their salaries and safety as they are the backbone of your Organization. Strong activity, process and review is important so that every employee give their 100%, but make sure you don’t send people home without pay. Provide all possible help if you can as it is now true meaning of Social entrepreneurship
(vi) Communicate regularly with your employees
You need to keep Your Employees Posted on market information/situation and what is happening. Preferably, everyday short morning meeting on online platform. Also there is need to set up cross functional team to ensure a simple but well-managed set of processes, where we can ensure Employee management and their wellbeing, Financial stress-testing and planning etc.
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