The COVID-19 pandemic is causing serious disruptions for almost all businesses. Many businesses especially Small and Medium scale enterprises (MSME’s) face an out sized risk of disruptions, and even bankruptcy. There is a critical need to have a structured plan to keep afloat.
We have outlined some key steps below for every business to take in order to survive an potential disruptions and retain key customers.
The steps include:
- Maintain Liquidity
- Explore Working remotely for all staff
- Engage extensively with suppliers and creditors on negotiated payment terms and cycle
- Have a designated emergency contact number for the business
- Keep staff fully informed about any new plans or changes
- Disinfect the business environment and re-evaluate cleaning procedures