It is said that change is the only constant. But when change arrives at the doorstep of businesses, it might not always be pleasant. Especially when faced with exceptional events like pandemic. In times like these, leaders need to take a hard look at their tools, systems, processes and—most importantly—strategies.
As we navigate through the times of coronavirus and find ways to maintain business continuity. It is imperative that we take a moment to reflect on business processes and ask ourselves:
- What can you see right now?
- What can you control now?
- How can you be agile to change now?
So what can be done while navigating through efficient ways of maintaining business continuity as coronavirus disrupts our processes? Here are some pointers:
- Get your hands on accurate data – Take stock of resources on hand, pending liabilities and outstanding receivables. Then make a best guess estimate of how much cash you’ll need to sustain operations for various timeframes, based on your estimate of how long it will be until you can resume normal operations.
- Determine immediate priorities- During periods of growth, some level of inefficiency is tolerable. When companies need to contain costs, this isn’t an option. As you manage through a downturn, eliminating inefficiencies by redesigning sloppy processes and/or automating manual tasks can improve cash flow in the short term and better position your company for growth in the long term.
- Manage what you cannot measure – Monitoring key performance indicators (KPIs) is particularly important when dealing with economic uncertainty. And not only do you need to track KPIs, you need to do it in near-real-time; standard monthly or even weekly reports don’t give you the gift of an early warning.
- Communicate internally- Frequent communication that addresses the concerns of frontline employees is a hallmark of good management. Engagement will help reduce turnover. Losing experienced, productive team members makes it more difficult to succeed when the situation returns to a more normal footing.
- Plan for the future – Once you have a handle on short-term issues, think about how to position your company for success when economic conditions stabilize and growth returns. Leaders who can take a deep breath and focus their best and brightest on reimagining products and services will be positioned to win.
All major crises change things in the short term, and then for the long term, globally and locally. Managing through business uncertainty that Corona Virus ushers is an acquired skill. Keep tight control of cash and an eagle eye on the balance sheet. Listen to employees, customers, shareholders and other stakeholders. Communicate. Be honest and transparent to the extent possible. Think different so that when the crisis is over, your company is poised for success.
As every business and individual across the globe finds ways to fight this deadly virus, we at Bista are committed to support your business through the course of this pandemic to help you maintain its continuity no matter what. We understand the criticality of business continuity and are here handhold you with your ERP needs to ease the problem of accessibility and transparency. We want you to know that we are available for your unique business needs in this exceptional time and you can count of us to support your business needs.