Running a Business During the COVID-19 Pandemic: PART 2

Previous part here

Image credit: https://flickr.com/photos/dva41/

Unfortunately, we have needed to carry on with this series. Every business in the world right now needs to develop a new business plan. As we are in uncertain times and we do not know how the world markets will look in a couple of weeks, it is advised that every business becomes proactive in adapting to our changing societies.

We advise all businesses if you have not done so already to consider these options for the future.

SHORT-TERM PLANS (1-3 Months)

List out the threats to your business during this period. What are the options you could take to avoid them and how likely are they to work? Speak to suppliers and creditors to see if you may get relief during this time.

MEDIUM-TERM PLANS (3-6 Months)

There are only two possible outcomes we will have to consider over this period. As there is still no official vaccine for the virus it means that this figure is still only speculation. And that the very worst-case scenario is that we are stuck in a cycle repeating these events until a vaccine is found. Mass-produced and distributed.

a.) Continuous lockdown period from now for the next 6 months.

b.) Periodic lockdowns from now for the next 6 months

LONG-TERM PLANS (6-12+ Months)

a.) Continuous lockdown period that would be impossible to sustain but best to plan for anyway.

b.) Periodic lockdowns or lockdowns based on areas or regions.

Either way, the long-term outlook without a vaccine would mean that we are facing major changes to society. And a coming great upheaval. Our roles and the services we provide are an important part of maintaining our local economies and recovery from this period.

This has been proven with the importance of shelf stackers, small local shops, carers medical professionals, police, and more. All local organisations that can continue, will play a vital role in seeing each of our communities through these times.

The conclusions will determine what happens to a business.

a.) MOTHBALL – Place the business in a state of temporary suspension. Furlough workers. Try to pause or suspend any expenses and stop as many overheads for the business as possible. For as long as possible.

b.) DOWNSCALE – Work out what essential functions your business needs to continue and look at alternative ways of delivering these functions in a low-risk manner or through remote means. Set up staff to work from home. Use the first part of this guide if you are an essential worker etc.

This should not just apply to service delivery and business functions but also in how you get business and customers and clients. If you were not online before then you may need to do this for your business before it is too late. And it may be too late for some already.

c.) STOP TRADING – This is the worst-case scenario. But if your business relies only on walk-in trade, and there are no online options for you then you will need to seek local government help and grants to help you through this time. Your local council website will have more information.