Businesses are now having to learn new ways to operate in the midst of the Coronavirus outbreak. How your business responds to this new reality can make all the difference in getting through this difficult time period.
There are certain practices that you should maintain in your company to keep it going strong. Here are six business practices to maintain during COVID-19.
1. Quick decision making and planning process
Given the unpredictability of the times, it’s necessary to be able to adjust quickly to changing developments. A clear chain of command needs to continue to be established in your business. You should also have a rapid response team ready to evaluate the changing developments on a daily basis.
It’s helpful to prepare for certain scenarios that might occur in the future to limit your response team needing to find a solution in real-time. An example would be if one of your employees tests positive for COVID-19. You can have a plan in place for who will take on that employee’s responsibilities, and any other changes that will need to be made as a result.
2. Regular meetings
Whether it’s a time of crisis or not, it’s always useful to have regular meetings. With the advancement of technology, even if a business has to primarily be conducted remotely, you can still maintain regular meetings through scheduled conference calls or video conferencing.
During these scheduled calls, continue to discuss current business plans, and assess how much progress is being made towards current business goals. Meetings can also be helpful for allowing employees to get clarification on any business-related issues.
3. Reviewal of financial obligations
Your business may be facing a decrease in hours of operation or potentially closures due to government orders. As a result, there might be a decline in revenue during this time period. It’s necessary to review your financial obligations to see if you can still fulfill them despite the slow-down in your business.
Create a contingency plan based on the minimum amount of cash flow you need to keep your business running. Communicate to your landlords, creditors, and vendors to see if there can be reasonable accommodations made if the cash flow of your business is disrupted. If necessary, you should seek legal counsel as well.
4. Regular drug testing
Given how stressful the recent news has been, it’s possible that some employees could resort to drug usage to alleviate their stress. An employee working under the influence could cause major problems for your business.
One of the few ways an employer can be sure an employee is clean is through drug testing. If you’re receiving complaints from co-workers or clients about an employee, it’s important for you or another member of management to start observing the individual.
All suspicious behaviors should be documented with detailed descriptions. If upon observation there’s reason to be suspicious of drug usage, the employee should be taken out of the work area.
Your management team needs to discuss the situation privately, and then if it’s determined to be necessary, have the employee undergo a drug test. Ensuring your employees are not under the influence of any drug while working will prevent any unnecessary difficulties during an already difficult time.
5. Business recycling
Since recycling can save your business money, it’s helpful to continue this practice if you can. In addition, you’ll also continue to help the environment too. One example is recycled ship containers. Around 3,500 kilograms of steel are being reused for each one that’s recycled.
Keep in mind that some communities have temporarily suspended recycling out of safety for the workers. Find out how your community is going about recycling first. Make sure you do not recycle if someone at the office tested positive for coronavirus. Instead, place the recyclables in a plastic bag that’s securely closed and put them in a trash container.
6. Digital security
With many digital tools being used to help people continue operating their business at home, and especially since its tax season, it’s critical to maintain digital security. In 2019, the volume of federal securities fraud class action filings was at near-record highs. The plaintiffs had filed 428 federal securities fraud class actions, which was more than the record high of 413 in 2017.
Make sure there is two-factor authentication for accessing the systems of your business. Employees should also be advised to create strong passwords. Make sure your company is using antivirus tools wherever it’s appropriate.
All data should be transferred through alternative means such as collaboration tools or cloud storage. Lastly, in the event your employees have their devices lost or stolen, make sure they know what to do and who to report to.
Running a business is always a challenge. As the coronavirus outbreak continues, it’s important to keep finding ways to adapt in order to keep your company operating. Maintaining these business practices can help your business to function efficiently, and continue to operate through these challenging times.