It seems that every article written about business and operations today, centers on the pandemic that continues to affect the globe. Though it may be tiring seeing the media saturated with COVID-19 related news, for business owners and managers, understanding the affects of the pandemic on management, employees, supply chains and everything else is critical for coming out of the pandemic stronger than before. There is no doubt COVID-19 has affected every single market across the globe, and the best way to survive and succeed is to be informed and prepared.
On this note, Carin Lin, PhD writes a great article titled, “Are You Ready to Reopen?” that takes us through how best to create a plan to reset and restart your business in the current pandemic-altered environment. We share the article below:
Many businesses have been hit hard by Covid-19 pandemic. It is not clear yet how long the pandemic will last, but when a pandemic peak passes, you will want to be ready for that much-awaited turn of the economic tide.
To reset and restart your business is like reopen after an earthquake, not just simply open the door and turn on the lights to get back to business as usual.
It is reported, many businesses just reopened and can not find enough employees. Where are they? Some employees have switched to other companies with better pays and benefits, some work from home, some stay home because they can’t find affordable daycare for their children, and some decided to retire early…
Your suppliers may have difficulty to find a truck driver. Your supply chains maybe broken during Covid-19 pandemic.…
Are you ready to reopen❓
Here are some actions you can take now to develop a well-thought-out plan to reset and restart your business:
- Do your business model need to change to stay competitive?
- Are your customer lists updated? Customer lists are invaluable for many businesses. They make repeat business possible, but only if they’re up-to-date. Make sure your lists have the business-critical information you need for each of your customers, including the customer’s name, address, mobile number and email address, and verify the accuracy of that information. Check in with your customers, ask about their future needs and see if you can help them out in any way.
- Are your suppliers also in operation? As you are restarting operation, you will need suppliers that are ready, too. Check with your current vendors to determine their availability in the weeks and months ahead. Some may not reopen at the same time you do. Others may be unable to guarantee timely delivery of the products or services you require. Stay in touch and up-to-date while also preparing for supply chain contingencies. Reach out to new vendors, as primary suppliers may be unavailable.
- Are your employees ready to come back to work? Make regular employee communications a priority during this difficult and uncertain time. Understand your employees’ needs and challenges. Keep employees informed of company developments. Notify them of your plans to reopen or scale up operations as that time draws near, and when you expect to bring them back.
Identify effective ways to communicate with employees when they are working from home. You can keep the lines of communication open using email and the phone, and videoconferencing can provide valuable face-to-face time with your entire team and the opportunity for group discussion and Q&A. For those that are required to stay home, but cannot work from home, regular contact can help them to stay in touch and up to date with any developments and plans to reopen.
Find out any accommodations your employees may need to return to work.
- What are opportunities to protect your business? As you prepare to reopen your business, look for opportunities for new or revised controls that can help reduce the impact of COVID-19 in the weeks ahead. For example, if you will be reopening to the public again, what protective measures for employees and customers will you need?
- What types of sales are needed to break even and when you can expect to become profitable again?
- Where to access the financing you may need to re-profit or adapt your business?
- Take a detailed property inventory. Now is a good time to review your business assets and make sure they are insured to their full replacement value. This essential step will help ensure that your commercial property policy is up to date should your property become damaged due to a covered loss, such as fire, theft or vandalism. Your inventory should list all property your business relies upon to operate, such as land, buildings, equipment, furniture, fixtures, signage and specialty items that are unique to your operation. For each item, provide a description, its estimated value, the serial number and purchase date. While you are at it, also assess your current inventory and how future inventory may be impacted by changes in supply chain.
- How to make customers feel safe and comfortable doing business with you again?
- How to market your reopening to build awareness and demand?
- How can your business be better prepared for another lockdown or disaster?
There is a lot to think about when reopening your business after Covid-19 shutdowns. Give you time to find out what your customers expect when your business reopens, talk to your employees about reopening, and put supply chains in place to keep your business running smoothly after reopening.
Remember, crises bring opportunities.
This article was originally published on https://www.linkedin.com/pulse/you-ready-reopen-carin-lin-ph-d/
In this changing and unpredictable environment, Kompass is here to help your business strengthen and succeed no matter what the challenges. Kompass has a variety of marketing, expansion and data services to attract consumers and grow your business. Your products, your solutions, and your company deserve the support of one of the world’s leading B2B information providers.
Need high quality DATA? Check out our special offer on EasyBusiness subscription service.
Want to increase your VISIBILITY? Take a peek at our special offer for Booster Program!
Looking for GOVERNMENT CONTRACTS? Our Public Tenders platform puts proposals from all over the world at your fingertips.
We are here to help, so contact a Kompass expert today to discuss our current offers and how we can best support your business!