1. Financial assessment and security:
It is important to first make a final assessment of the current final situation of the company. At this point, getting reliable and accurate information about government relief packages, financial support initiatives and support extended and getting a clear picture from investors is vital before planning and executing a financial strategy.
2. Re-evaluate business plan:
Assessing the current situation, one needs to re-define business goals and plan a more realistic and well-rounded growth plan that can be immediately executed.
3. Create a strong digital ecosystem:
Not only does it help to create a positive brand recall, but it also helps generate business through channels, especially for brands that are into retail, who have benefited impressively through online sales. Additionally, a digitally enabled internal ecosystem also needs to in place that can accommodate remote working and work-from-home scenarios, without compromising data security or productivity of employees.
4. Adopt the fourth revolution for business:
Most SMEs and MSMEs look at this as an “out-of-league” investment, but it is actually very simple and can be incorporated for a higher ROI in a long run.
Be it automation. This is vital to be implemented as it will help gain an advantage above completion – which would be looking at short-term growth goals and also help effectively mitigate future business crises.
5. Business can rely on less physical space and assets:
Remote working can be efficient and productive. Working from home can be an acceptable form of employment, with team meetings taking place online and physical meet-up happening less frequently, maybe once a week.
This can lead to a dramatic reduction in office space, meeting room size and space, as well as less overhead costs associated with security, utility bills, insurance as well as many others.
6. Put a crisis management strategy in practice:
It is vital to chalk up an effective crisis management plan that will take into consideration both immediate and long-term impact. While most businesses are prepared for an internal crisis like fire, theft, etc albeit at a preliminary level with insurance policies, one also needs to have a solid bounce-back/ business revival plan in place, keeping in mind average days of work lost, impact on revenue, liabilities and outstanding, etc.
Source: IPA