6 Tips to Protect Your Small Business and Overcome the Impact of Lockdown
The Coronavirus pandemic is, first and foremost, a humanitarian crisis. Ensuring the safety of individuals is paramount in a situation that is evolving on a daily basis. Yet its effects on business must also be considered in the wake of such an unprecedented global event.
Global shares have plummeted as investors fear its economic impact. The travel industry has taken perhaps the biggest hit, with leisure and hospitality also severely disrupted. But the blanket effects of the lockdown mean almost every business is likely to be impacted in one way or another.
As a small business owner, you’re bound to be feeling the pressure as you try to adapt to the situation. Below are six steps to help you protect your company’s future.
Put employee welfare first
Ultimately you are nothing without your people – so aim to put their wellbeing first. Communicate clearly and regularly, share the latest advice, and make any changes to your procedures well known.
If you have multiple departments or arms to your organisation, task your senior staff with spreading key messages and checking on the health of the wider team.
Keep in contact with suppliers and customers
It’s a good idea to increase your communication externally, too. Keep in regular contact with key suppliers and customers to help you stay aware of potential interruptions and make contingency plans should any problems arise.
If you rely on regular deliveries or invoices for example, are there new processes you can put in place to maintain business as usual?
Make remote working work for you
The UK Government has requested homeworking where possible - which may be an easier transition for some businesses than it is for others. If your team can work remotely, review what equipment and access they’ll need to do so comfortably. That includes laptops, headsets, and even chairs.
Collaboration platforms can also be essential tools for maintaining effective communication and team morale.
Get financial help from the government
Such severe interruption is bound to cause financial loss, which is why the Government has announced a series of temporary measures to protect businesses and employees in the short-term.
This list includes a job retention scheme, statutory sick pay relief and business rate relief. You can find out more about the support available to you on the Government website.
Consider other forms of support
From insurance coverage to increased cyber-risk, there are many other complex issues you may now need to consider. But further external support might be necessary with so much else going on right now.
Get in touch with an experienced risk management consultancy firm such as Gallagher to help you face the future with greater confidence.
Adapt your strategy
We’re likely to face a new economic reality once the pandemic is over. If you’re currently facing lengthy interruption to your regular operation, rarely before will you have had this opportunity to stop and review what’s working and what isn’t.
Rather than stopping your strategy in its tracks, can you pivot?
The true human and economic impacts of Coronavirus remain to be seen. But with these steps in place, you’ll be doing all you can to help your business survive.
