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Even after countries worldwide have adopted every possible preventive measure to fight against the coronavirus, it’s spreading like wildfire. Companies have already suffered massive shocks but more is yet to come. Business strategies formulated by revered pundits are failing to make any substantial mark. Business continuity seems like a far-fetched concept. But, in all this mess, a business contingency plan is the only way out. This article discusses 3 most important constituents of a business contingency plan that should appear in the list.
1. Have an open discussion with your suppliers/vendors
Transportation of products from source to the destination has completely stopped due to the lockdown imposed by the government. This has made it difficult for businesses to ensure that customers receive products on time. Thus, for maintaining business continuity, companies should immediately get in touch with their suppliers and devise a plan to minimize the disruptions together. They should make sure that their supplier understands their needs and fulfills them on priority.
2. Stand resolutely with your customers
Companies should be frank with their customers. They should let them know the challenges in delivering products on time. Also, they should tweak their business strategy and figure out ways of producing and delivering products on their own, if possible. Another thing that they can do is to provide products on more generous terms. They can issue discounts, and gift cards that increase customer stickiness and cash inflow. Moreover, they should also advertise the steps taken to curb the spread of the virus.
3. Take care of your employees
A company is built by its workforce. Thus, it is ethically and morally obligated to take care of its employees. Following are some important things to keep in mind while formulating a business contingency plan
- Employ remote working solutions so that your workforce isn’t exposed to the deadly virus while commuting to work.
- Do not sack employees or cut their pay.
- If possible, buy a coronavirus insurance scheme for your entire workforce.
- Make sure that your business continuity plans contain the expansion of the work-from-home strategy even in the post-coronavirus world.
The world is going through a tough phase because unless we have a fool-proof vaccine, the coronavirus threat will linger around. Until then, companies need to play safe and make appropriate business contingency plans considering the needs of their workforce. This is where we can help. At Sage Software, we are home to world-class CRM, ERP and HRMS software that will make remote working a piece of cake, boost employee productivity, synchronize inter-departmental activities, and generate more profits. To know more about it, SMS SAGE to 56767. You can also write to us at firstname.lastname@example.org.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.
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