COVID-19 is a problem? So the answer is a big no it’s a challenge and with this mindset, you are close to making your company COVID-19 negative. Now let’s talk about what other things can help you to make the impact of coronavirus on your business negative i.e. 100% Covid-19 free!
In the era where the majority of the company is process-driven and principle-based, our responsibility is to make our processes vigorous by keeping our principle intact to face challenges like COVID-19.
Here are the ways by which you can make the Impact of Coronavirus on your Business Negative
1. Formation of Special Task Force
This special task force will work towards addressing the issue a company may face during the COVID-19 period. The major responsibility of this task force is to continuously review and updation of crisis management plans and business continuity plans. Monitoring major activities of critical business operation and provide real-time assistance whenever it is required.
2. Policy Document for Work from Home
Challenges posed by COVID-19 and lockdown make it mandatory for the company to allow employees to work from home. A formal document is necessary to assist work from home, which define the following:
- General Guidelines such as having a Dedicated Work Area, Set boundaries with other people at home, Prioritise work/activities for the day, start work at a fixed time etc.
- Guidelines for accessibility to serves, identification of tools for virtual meetings (e.g. Skype & Zoom) and recording of minutes of meetings.
- Registration process and approval, where personal IT asset of an employee being used for official purposes.
- Formats for MIS reports that management requires.
- Define the approval mechanism in the case where dilutions of defined controls occur.
3. Risk Need to be Address During COVID-19 Period
Liquidity Management – Company need to re–prioritizes there spending, forecast for this financial year as the fund would be required for funding of contingency plans. Real-time cash flow forecasting plays a crucial role in analyzing the actual requirement of fund Vs funds available with the company.
Credit Risk – At present scenario every business facing a liquidity crisis. As a company, we need to reevaluate and reassess the creditworthiness of clients/Customers.
Revenue and Cost Management – Due to distress caused by COVID-19, it is likely that the revenue of companies going to affect drastically. A company needs to identify risky revenue and cost reduction measures well in advance.
Business Model – Lockdown situation affects the way company doing businesses which require companies to reassess their existing business model and evaluate the future business model to keep the business going.
Fraud Risks – Present scenario causes financial stress not only on companies but on individuals which could lead to an increase in fraud perception level for the company. To overcome this risk a rigorous fraud governance process should be implemented and conduct thorough fraud risk assessment periodically
IT Infrastructure – Work from home requires companies to ensure that the company possesses suitable IT infra and IT assistance for effective business continuity, for a prolonged period.
Security & Data protection – Work from home considerably increases the risk of cyber-attacks on the company’s data & information. It’s now prime responsibility of the IT team to ensure complete security for its data & information. This objective can be achieved through using security tools and education to the user in work from home environment.
4. Communication Is The Key
The foremost thing which is crucial for business continuity is communication. During this lockdown, it is advisable to regularly communicate with your customer, vendors, employee and major stakeholder about company plans and future objectives aiming COVID-19.
Here I try to cover major steps and actions one should take to make the impact of coronavirus on the business negative.
For any queries and discussion on the aspect you face in implementing of the above, you may also write to me at – [email protected]
That’s it for this time and thanks for reading; I will try to give insight over such topics in the future.