The Tribune

The coronavirus (Covid-19) crisis has reached a critical new phase where businesses need to seriously consider the economic impact the pandemic will have on their bottom line. While the world focuses on containing and mitigating the disease itself, companies need to chart the way forward to keep their operations economically viable.

Strategies that the business owner can employ include ensuring that the following considerations are made:

1. Communications: Employees will likely be exposed to conflicting information, and feel anxious or confused about the best course of action. Be sure to communicate policies promptly, clearly and in a balanced manner.

Furthermore, communicate contextual information and the reasoning behind policies, so that employees can deepen their own understanding. This will also help them to take the initiative in unanticipated situations, such as employee holidays in a restricted location or how to handle international clients.

2. Employee needs: Restrictions on travel and congregation will trigger employee needs for access to education, health care, daily provisions and the like. You should anticipate and develop solutions to these issues, and create an information hub where staff can find all the information they need. Many of these needs will be local specific, requiring a multi-tiered approach to decision-making.

3. Travel: Make sure that travel policies are clear in terms of where employees can travel to, and for what reasons. Be clear on all the permissions that are required, and when the policy will be reviewed.

4. Remote work: Be clear on your policies — where they apply, how they will work, and when they will be reviewed. Perhaps this is time to begin clarifying what work from home looks like in your company.

5. Supply-chain stabilisation: Attempt to stabilise supply chains by using safety stocks, alternative sources, and working with suppliers to solve bottlenecks. Where rapid solutions are not possible, co-develop plans, put in place interim solutions, and communicate strategies to all relevant stakeholders. With China-based products and services on hold, we all need solutions in the short and long-term.

6. Business tracking and forecasting: It is likely that the crisis will create unpredictable fluctuations. Put in place rapid reporting cycles so that you can understand how your business is being affected, where mitigation is required, and how quickly operations are recovering. A crisis does not imply immunity from performance management goals and, sooner or later, markets will judge which companies managed the challenge most effectively.

7. Being part of the broader solution: As a corporate citizen you should support others in your supply chain, industry, community and even the government. Consider how your business can contribute, be it in health care, communications, food or some other domain. Above all, keep it positive. This, too, shall pass.

• NB: Ian R Ferguson is a talent management and organisational development consultant, having completed graduate studies with regional and international universities. He has served organsations, both locally and globally, providing relevant solutions to their business growth and development issues. He may be contacted at tcconsultants@coralwave.com.