Today industry leaders worried about business continuity have one question on their mind, ‘How to make the business resilient in this tough situation?” Surely, no one needs an introduction on the ‘tough situation’ that the world is facing today due to the COVID-19 onslaught. Currently, at the time of printing, 3,400,000 cases have been documented across the globe, resulting in the death of 239,000 people.
Businesses have come to an abrupt halt. Thus, the companies need to adapt to the changing circumstances, and refocus, so that they do not incur a further loss. Most importantly, the steps are necessary to mitigate the impacts and the associated risks while the businesses are being developed for revised operations. Now, let us have a look at how the organizations can stabilize the cash flow and liquidity amid Coronavirus mayhem.
If the organizations must regroup, they ought to consider certain important aspects that are highlighted below.
The companies must explore opportunities and venture into different sectors to recover their business. The main aim would be to stabilize the business first and examine the financial conditions.
Once the production of goods and service are stabilized, the companies need to frame a strategy which would help them achieve their goals.
Even though the companies have a big task at hand, they cannot ignore the protocols laid down by esteemed organizations like WHO, CDC, etc. If the employees are healthy, the recovery process will be swifter.
Only planning will not be enough. The strategy must be properly executed to see significant improvements. Since, the global CEOs are looking at U-shaped recession; the employees must cooperate and ensure that they do not find themselves unemployed.
With the business continuity planning intact, the companies also must manage operational risks. It will also help companies form the business continuity process strategy.
If you are working on a ‘business management amid COVID-19’, you should check out the samples section of academic service providers like My assignment help. They can draft a risk management plan as an assignment. Nevertheless, you will find important pointers below.
Employees are the main driving force of any company. Here, ERP software such as SAP ERP, Microsoft Dynamics, ORACLE Netsuite, will help the supervisors keep a tab on daily activities. They will also be able to check out the important data from the dashboard. Furthermore:
Coordination is crucial during the COVID-19 pandemic. Thus, the senior management must be patient, and they should lead and guide their employees.
Since a lot of the operations are going to be held online, the cyber division must be robust with good compliance methodology.
As a precautionary measure, data should be backed up. In case of any emergency, one can retrieve the data easily. Moreover, companies which have servers with an external-facing IP should conduct frequent checks to prevent third-party exploits. Regular penetration testing should be scheduled.
Today, most of the businesses require proper IT setup to function properly. They need uninterrupted Internet connectivity, cloud support and data management.
In addition to this, IT professionals should be made aware of the IT governance framework. To ensure that the IT systems deliver top-notch performance, draft the possible issues that one might face. Based on the problems, make alternative plans which will act as a fail-safe option.
Following the implementation of the turnaround strategy, one should keep an eye out for the business and the operational risk.
In addition to this, business processes must be re-evaluated for the stabilization of the process.
As you can see, the workload is extensive, but it must be enforced in order to achieve fruitful results. It is expected that the lockdown would be lifted in a month or two. And, when that happens, these strategies would enhance the business process, without people having to worry about the spread of the Coronavirus.
Ricky Hardy is a business management expert, and he shares vital insights on the subject matter in his blog posts. He is also associated with Myassignmenthelp, where he provides trusted essay reviews, to help out the students.