COVID-19: 5 Ways to Protect Your Business
We are living in extraordinary times. As the Prime Minister recently said, we are currently in the “worst public health crisis for a generation”. With increasing human safety measures taking effect globally, there are some real threats to businesses if they don’t plan accordingly and take appropriate action soon. At Interim Partners, we’ve identified five key measures businesses can take to reduce exposure:
1. Be prepared
With markets across the world plunging, the threat to businesses big and small is looming closer than ever. Every sector is facing its own unique set of challenges due to the outbreak, and planning for business continuity and risk mitigation is absolutely critical in seeing your organisation through. While some businesses may have in-house advisors for times of crisis, it might be worth investing in short-term specialists with key skills in scenario and risk planning, financial planning and analysis as well as business continuity to expertly advise on appropriate measures for your organisation.
2. Leadership continuity
Strong and decisive leadership in a time of crisis will help to alleviate doubt, worry and misunderstanding at an enterprise level and help businesses stay on track. However, the possibility of facing sudden gaps in leadership structures is very real. Having the confidence to bring in skilled executives to complement remaining and existing senior teams will be key to bolstering team and staff morale, prevent loss of production and ultimately, revenue.
3. Financial control
Maintaining a strong cashflow during periods of reduced operation will be essential to business longevity and resilience. Additionally, financial forecasting and futureproofing your business has never been more essential. The VUCA world we find ourselves in demands that businesses analyse, plan and roll out strategies to mitigate financial risk. Having access to a pool of high-calibre interims with excellent financial acumen that can step in and take the reins in a crisis could be a company lifesaver.
4. Flexible and agile resourcing
With workforces across the country being affected by either illness, time away from office, self-isolation and myriad other factors, leaders need to ensure they have access to an agile pool of talent that can be called on to fill in any gaps that arise in their structures. Contractors can be retained and engaged within a matter of days and will alleviate pressure – particularly in businesses that have large customer service functions. Whilst businesses in this sector face a possible 20% drop in staff availability due to the novel coronavirus pandemic, they are likely to see a rapid rise in their workload as customers face financial problems. Greater levels of workforce flexibility is becoming increasingly critical.
5. Technology to enable remote access working
With remote working being a key feature of the delay tactics currently playing out in the UK, it will be critical that businesses have the correct technology to enable their teams to work effectively -from wherever they are. While some companies are familiar with having fully mobile workforces and have the technological capabilities to allow this, many do not. Considerations about access to important company information and remote collaboration need to be taken into account. This often requires specialist knowledge of systems and tech structures, which is not always a permanent skillset and could require an interim IT or digital transformation expert to assist. Preparation and planning is key. Businesses that come through the novel coronavirus outbreak in better shape are likely to be those that bring in the right personnel at the right time for resilience and operational planning.
At Interim Partners, we have access to a wide pool of specialist short-term talent that can be deployed quickly, effectively and flexibly to assist your company in preventing a crisis. We can find you interim support in hours, allowing you to deploy specialist resource into your business within days. To find out more, click here or to discuss options, please call us on 020 7936 2865 or email firstname.lastname@example.org