Looking Forward After Covid-19 (ASE NEWSLETTER MAY 2020)
A New Business Strategy?
Associated Senior Executives has a range of clientele from the sole entrepreneur to business owners and many with numerous employees. Although this material may be more for businesses with a number of employees, these same issues can be applied to big and small businesses in developing a solid business plan looking forward post-Covid19.
We understand this is situational. Some of you may have shut down, others remain open. Whichever category you fall into, now is the time to plan for normalcy.
CONSIDERATIONS FOR BUSINESS TO ENSURE RECOVERY POST COVID-19:
What will be your ‘new normal’? What do you need to do to prepare for the ‘next normal’? How will this affect your culture/employees/clients? What resources, policies and procedures will you require to have in place, ensuring a positive transition?
Human Resource
1) Regarding employees:
- a) Who are crucial and how will you keep them?
- b) Who are the ‘preferable’ and what do you need to retain them?
- c) Who should you let go and possibly to the competition?
2) What are the benefits you offer now? Will they remain in place or change? Who pays the premiums?
3) What social distancing steps do you have in place for those still working?
4) Are some of your employees working from home? If so, how are you providing oversight remotely?
5) How will you ensure their physical and mental well-being?
6) How will you ensure the safety of your workforce once they return? Will you be taking their temperatures? Offer COVID-19 testing? How will these be monitored? How will you execute social restrictions upon their return to the workplace?
7) What new training will be needed upon your employees return to work?
8) How familiar are you with the Occupational Health and Safety Act (OHSA) with regards to the COVID-19 related risks? Are you aware an employee has the right to refuse work if he/she feels it is not a safe work environment, i.e. possibility of contracting the coronavirus?
9) As an employer you are prohibited from dismissing, disciplining, suspending or threatening a worker for these reasons. The health condition of an employee may be particularly relevant if he/she has a compromised immune system.
Messaging To your employees:
- a) Who is communicating to your employees? Is your messaging consistent?
- b) What is the message you’re communicating?
- c) By what means are you communicating to them Email/zoom/skype/YouTube/phone?
How often?
- d) What communication vehicles are in place so they can stay in touch with each other for organizational purposes?
- e) What are your managers saying to their employees?
- f) How do you lessen the ‘isolation’ factor of employees working from home? Bring a sense of ‘community’ to them? How can you inspire them at this time? Have you acknowledged the difficult time they must be going through and shown your sincere appreciation for their efforts?
To your clients/customers
- g) What is your receptionist/switchboard/voicemail saying at this time to your customers?
- h) What is your website telling your customers/stakeholders?
- i) How can you convey to your customers/employees/financial institution that you’ll still be in business when this is over
IT Support
1) How do you offer assistance to people working from home?
2) What type of assistance are you offering?
3) Can you provide advice and encouragement to set up blogs among the staff?
4) Can you provide a site for up-to-date Government Assistance available for employees to access?
5) What new digital communications can you establish for customers?
Operations
1) What are the challenges working with a reduced staff (by choice or by absenteeism)?
2) Have you considered all cost cutting measures for your business?
3) Where is the waste in your company? Areas that do not or will not deliver value when you’re back up and running?
4) What areas of your operation can be outsourced now and in the future to cut costs?
5) What are your capabilities during these COVID-19 restrictions?
6) What is your ‘Preparedness Plan’ to restart once restrictions are lifted?
7) Have you laid out plans to‘re-engage’ your returning employees?
8) Which facets of your business will you open first?
9) How will your operations look post COVID-19?
10) Will your product offering change? What impact will that have?
11) What will you do to ensure a ‘safe environment’ for returning employees?
12) What will your office configuration be? How do you ensure social distancing? Will you need to retrofit your office?
13) Will you need to provide ‘Personal Protective Equipment?
14) Will you have to make adjustments to production lines?
15) Will some of your staff continue to work from home?
16) Will you have too much office space or not enough?
17) Will you need to install hand sanitizing stations?
Sales & Marketing
1) What is your PR messaging to assure your customers/clients that you have a Plan to be in business for them post COVID-19?
2) What are you communicating to your clients about current service capabilities?
3) What is your Plan to communicate ongoing updates and status reports to clients?
4) What adjusted terms can you provide to your customers? Deferral of payment, extensions of payment. Discounts, waivers?
5) Are you in touch so they have you front of mind when this is over?
Accounting/Accounts Receivables/Accounts Payroll
1) You have taxes to file and pay, payroll to meet. What processes are in place to ensure these are done in a timely fashion?
2) What Government Assistance programs are you exploring?
3) How healthy is your Financial Balance Sheet?
4) What are your cash flow concerns, time frames? Do you have unused LOC?
5) What deferrals can you obtain from your suppliers? Can you negotiate new terms? Can interest charges be reduced?
6) What additional costs will you incur upon re-opening?
7) Are you keeping up to date on the changes offered to small business through CERB and CEBA?
Other:
What outside assistance is available to you; financial/legal/accounting/business advice (i.e. ASE)? How and when do you call upon them?
In Conclusion:
This article is meant to stimulate your thoughts and formulate your future plans for your business. You, no doubt, have very specific issues related to your business alone. Add to the above, consider all, and be in shape when business re-opens! You have the time to evaluate your business from every angle of viability. There will be best case scenarios and worst case scenarios. Look at these get them down in text and over this time, as new data revolves, re-evaluate. You will be prepared.
Best wishes to all of you. Jan Wallace/Doreen Levitz ASE