Managing the COVID-19 Impact as a Business

COVID-19 impact business

 

 

COVID-19 is impacting businesses and organizations large and small around the world. Businesses are dealing with quarantines and shut-downs, making it necessary for them to take action to protect their employees and customers while minimizing economic damage. Some of the direct business impacts we’re seeing include customers, supply chain, leadership, and the workplace.

 

Customers

 

Since most non-essential stores are closed, brick and mortar businesses are struggling with selling products or services. By delivering customer experiences that are in line with the rest of your business through social media, websites, and phone calls, you can reduce the potential negative impact and revenue loss. 

 

Customers also want to know that even though you are still in business, your workers are safe and the products that they will receive through the mail will be packaged and manufactured with safety protocols in place. 

Supply Chain

 

supply chain

 

The supply chain is especially important right now in delivering products and services quickly and securely to medical staff helping those affected by COVID-19. With that being said, businesses still have the responsibility to protect their supply chain workers and the areas they operate in. By executing a safety plan and informing all workers of it, the flow of the supply chain can continue. It is important that the plan is continuously being tested, redeveloped, and communicated to the employees.

Leadership

 

workplace

 

Having strong leadership and guidance is vital in maintaining trust. Show people that you care for your workers, the industry, and the community that you are operating in. Be transparent when deciding and communicating with them. Do something to stop the spread or help the unemployed such as:

 

  1. Donate to a local food shelter.
  2. Gift your employees with a gift card to pay for groceries.
  3. Allow your employees to work from home.
  4. Provide extra safety measures if you are still operating as normal.

Workplace

 

If your business and employees can shift to remote work, you can safely continue your business operations. This might not be the norm for some people, so here are a few tips on how to keep you and your team productive:

 

  1. Hold virtual meetings to keep some human interaction instead of talking only through emails and instant messages.
  2. Keep everyone organized and on the same page through calendar apps.
  3. Use collaboration tools to reduce the feeling of isolation in your employees and increase motivation.

PL Consulting Can Help You

 

We can help ease any stress that you or your company are having. We consider our clients part of our team. We provide full financial management services including bookkeeping, accounting, payroll, tax preparation, budgeting, and more.

 

Serving the Baltimore area for several years, we are dedicated to providing customized service to fit each one of our client’s unique needs.

 

Please don’t hesitate to contact us at (410)-764-3731 or at https://www.plcfo.com/contact/ for any questions or concerns that you may have.

Posted on Categories business tips