As a germ freak, I am watching the coronavirus rock the economics of the business world. The stock market is in free-fall. Airlines and travel destinations are losing billions. Trade shows and other public events are being canceled. Like any other emergency, you need to develop a contingency plan for the “corona economy” for as long as it lasts. Here is how to prepare to protect your company from the effects of coronavirus:
If your employees are sick, tell them stay home (and don’t deduct it from their paid time off)
Alot of team members will want to come to the office because they are dedicated or they are afraid to use up all their sick or vacation time. During the next 3 months, if employees have to take off because they are sick, do not deduct it from their sick or vacation time. This will encourage them not to come into the office and possibly affect others.
Provide good remote tools to work outside of the office (so if they can’t come in, they can still be productive)
With most office applications now operating in the cloud, remote access for most employees to do at least part of their job can be routine. Make sure you provide other remote applications tools like chat, and video conference calling so teams can collaborate remotely. Zoho is now offering Remotely for free to everyone until July 1 to help companies work wherever they are.
Challenge long standing business assumptions
A changing market is always a good time to challenge your business assumptions. If your company and your customers are directly affected by consumers and the coronavirus, now is a good time to think about diversifying your business. Get creative. Examine potential weak links in your supply chain.
Collect cash
During most difficult economic times, focus on increasing and retaining cash inside your business. This will give you the flexibility to continue to operate if an economic downturn lasts any extended period of time. Focus on profitability and not growth. Cut costs even if revenue has yet to go down to increase cash profit.
Keep your employees up to date
During these times, fear spread fast especially on social media. Keep your employees informed about the latest developments and CDC recommendations.
Personal note: Welcome to my world! As a germ freak, I am surprisingly not any more worried than I usually am. I take the precautions like washing my hands, using hand sanitizer and not touching my face all the time anyways.
