Since the emergence of COVID-19, business across the world has been navigating ways to ensure business continuity. It has been a tough task for business leaders to re-establish the company's integrity and rebuild the enterprise resilient amidst such critical conditions. Even though it has been a year now and business did progress but pandemic and challenges aren't over yet. In fact, it's going to be tough as every business is trying hard to regain the spot in the market by accepting the new realities.
In the present scenario, the definition of business sustainability is no longer confined to profitability; it is extended to agility and resilience. Along with this confirming the security and wellbeing of the employees in the workplace is essential. Expressing concerns openly and transparently will go a long way to engage employees and reassuring business continuity. Management of the agile, resilient and safe organization is becoming the new normal and to accomplish this business should take baby steps.
We are not out of the pandemic completely; therefore, directly formulating a long-term strategy will not be a good choice as uncertainty is still lurking around. That's why a business should focus primarily on the short term business continuity strategy just for getting along with the trends and understanding this new reality.
For running the business the basic thing you need is capital and when it comes to short-term, working capital is necessary. Business needs to evaluate short-term liquidity for instilling short-term cash flow monitoring discipline that allows them to predict cash flow pressures and intervene promptly. Additionally, the strict plan will be in need to curb down the outflow of cash. With agility and resilience, it's going to be difficult to organize working capital because your business will demand more liquidity. Try to avoid taking debts for small tasks instead balance it from internal sources if possible.
Secondly, so many risks are out there in the market, be it economic risks, medical risks, operational risks or market risks. A business must keep regular contact with its crisis management team to have regular updates and use this information, assess direct cost escalations and its impact on total product margins while trying to intervene and renegotiate where required. When it comes to risks, the work increases as you need to take calculative measures to make sure you won't end up doing bunder. Therefore, calculate the potential intensity of these risks on your customers, suppliers, contractors or partners, then plan the way you will be approaching them.
Find the alternatives, when you think about short term strategy, you should always focus on alternatives options, especially in a time like a pandemic. Although you might think it's not needed for two reasons, first - It's been a year now and second- the vaccines are out. But, do you hear any official organization passing statement that the pandemic is over? No! Right, so don't take the pandemic lightly. This will help to make quick moves to meet customer obligations when needed. Having an alternative will be a great move towards agility.
Analyse the accurate impact on your business as a whole entity, meaning including every vertical of the organization, whether it is finance or sales or human resource or research and development. Based on this information, and then do stress-test for multiple scenarios to understand the potential impact on business performance and evaluate how long the impact may continue.
Last but not least, in fulfilling short-term objectives, continuous flow of capital shouldn't be disrupted. Based on the analysis you would be doing, determine whether your business will be in need for the big amount or not. If yes, then remain updated regarding, near-term capital raising, debt refinancing and additional credit support from banks or investors. You can also consider policy support from the government, so when needed you will be quick to make move.
Keep a close track on your operational costs and consider slowing down or curtailing all non-essential expenses. However, in the fit of this, do not take your health safety lightly.
Because if your employees will be healthy, then your business will be.
The manual approach will drive you nowhere for it is not accurate and when it comes to accuracy then what can be more effective than the technology.
Hvantage brings an effective tech solution and wearable device "H-Guard".
“H-Guard” safeguards your health and safety by maintaining & monitoring social distancing and records the contacts to do proper contact tracing at your workplace. It is a wearable device connected to your phone via Bluetooth. The primary objectives of “H-Guard” are:
Monitoring and Maintain Social Distancing.
To Control Community Spread.