Disruption can be unforeseen and out of our control, and the coronavirus pandemic is a prime example of this. Many businesses have been significantly affected by the impact of the virus and the Government’s measures and the impact of exit from the EU single market are still unknown.
Many businesses can face ‘disruption’, and there are several examples over the years in which organisations have seen significant changes, for instance, due to the Y2K bug and the financial recession of 2008. In the event of business disruption, your organisation must implement a plan to ensure your business has the best chance of recovery.
With many people being furloughed and working remotely, there has already been a rapid change in the way businesses are operating, and navigating this can be a challenge.
Adjust to the disruption
If your business faces any disruption, it is essential to look at how you can implement adjustments that help to mitigate any negative impact on your organisation, and presents you with the possibility to adapt and recover.
Identifying and managing risks
The impact of the coronavirus happened suddenly for many organisations, and the instant thought is always to preserve the business.
However, do not rush into any conclusions, such as applying for a Government support scheme when it may not be the most suitable option for you and your business.
Consider what the most beneficial way to continue is, what methods need adjusting and what innovative alternatives your business may need to look for to be more sustainable in the future.
Plan your budget
If your staff are working from home, you will need to consider certain things, such as a lease extension on any cars, the cost of employee phone calls at home or employees using their home internet for crucial aspects of their job.
The outgoings of your business will need looking at, along with any potential Government financial support. Alternatively, you could see if you could put some items on a payment holiday.