10 Survival Hacks For Your Business To Deal With Coronavirus Crisis (#8 Is About Legal Issues)
A couple of months back, no one knew that SARS-CoV-2 ever existed. Now the virus has spread to almost every country, infecting more than half a million poor souls. A surge of announcements marked a turning point in the crisis known as coronavirus. With the routine life of many being disrupted for the foreseeable future, businesses and investors are adjusting to this new reality. A global pandemic of this scale was expected and this has left many business with LLP registration in India and private companies forced to allow work from home to its employees.
Although, in recent years, hundreds of health experts have written books, white papers, and op-eds warning of the possibility some scholars believed we are all covered.
Now Everyone’s everyday social interactions are altered, travel is restricted and general economic activity is limited in some cases severely which is affecting millions severely. What to do with it? How do you cope?
However, Bill Gates Ted Talk which received 18 million views spoke of the harsh truth that we all ignored somehow. Here is a list of things that might help you in this time of the pandemic
- 1 1. Develop an Emergency Plan
- 2 2. Internal and external communications
- 3 3. Security
- 4 4. Information systems, technology, and databases
- 5 5. Supply chains and critical inputs and outputs
- 6 6. Employee health and safety
- 7 7. Public and media relations
- 8 8. Legal issues
- 9 9. Government considerations
- 10 10. Business continuity and survival strategies
1. Develop an Emergency Plan
Planning is the initial step of anything and everything. As the saying goes ‘Bad plan is better than No Plan’. It does not matter how efficient your plan is, but your business needs a plan. For the COVID-19 outbreak, create contingency plans for what happens if:
- You or your employees become ill
- Schools close for an extended period
- Work events are cancelled
- You cannot receive supplies because of closed borders.
- Deliveries are overloaded; supplies cannot be delivered.
2. Internal and external communications
It is always crucial to realize that you will require accurate and current information sources at some point in time. You may need to reach a disrupted and decentralized workforce and you may need a new communication mechanism along with it you need to be proactive.
Deciding on how to protect critical assets in short supply and how you will deal with possible public panic and disorder is also important. Moreover, fewer security guards and strained law and order also should be discussed and planned.
4. Information systems, technology, and databases
You must consider how power shortages may disable regular systems and secure remote-access systems needed for continuing business operations. Establishing rules on how to deal with the limited IT structure in some countries and/or government-rationed phone lines can be crucial.
5. Supply chains and critical inputs and outputs
Ponder upon the fact what will happen if just-in-time supply chains break down: How would your business cope if the shipping of goods is disrupted, borders and ports are closed, outsourced operations are disrupted and there is a shortage of dockworkers and truckers? Giving time to these ideas will be surely helpful in avoiding those situations.
6. Employee health and safety
Subscribe plans for likely shortages of employees, vaccines, personal protective equipment, health care services, and public transportation. Once you are done building an A-team for your startup, it is your job to keep them going for long, without any hiccups, come whatever may. A pandemic might affect a hefty workforce during these periods. Employees could become sick and hence you must care for sick family members especially their children and old parents.
7. Public and media relations
Planning ways to provide timely, accurate and reliable information to the public by managing expectations, understand and explain the role of your business in the community and provide consistent messages is vital.
8. Legal issues
Consider how to execute and comply with new mandates, laws or regulations and new practices, such as tracking and monitoring employee health. By understanding and planning for the legal changing work environments, including work-at-home or alternative sites will aid in avoiding the ramifications of those circumstances.
9. Government considerations
Look ahead and think about the possibility that emergency powers may be introduced and understand their potential impact. Determine how to handle regulatory reporting changes and government interventions, such as quarantine, isolation, travel restrictions, and possible border closings.
10. Business continuity and survival strategies
Get ready for months-long operational changes, futile leadership, and operations that need to be consolidated, diversified, or closed.
Therefore, if you have not planned effectively for the emergencies or disasters that might occur at your business, you could be left floating in the middle of a crisis without the appropriate tools. Pandemic planning is significant because we all are currently sailing through it. This is our current situation and the ripple effects of COVID-19 will be felt for quite some time, so better get used to it!
However, any type of emergency planning is necessary for your small business. Explore business insurance, look for ways to reduce potential community spread, have answers for worried employees, and be honest about the impacts an emergency might have on the business.
About The Author
Shrijay is an entrepreneur with excellent business acumen. With a decade-long experience of working with some of the most disruptive eCommerce startups across the globe, Shrijay believes in team building, customer service, and execution to be the most critical processes for building a sustainable business. He currently leads a LegalTech company: LegalWiz.in, which helps Startups and SMEs in India to easily comply with the law.
LegalWiz.in offers services for company registration, trademark registration, legal document drafting, GST return filing, and more. LegalWiz.in makes it simple, affordable and transparent for small businesses to avail business professional services.