Risk Management

3 Steps Businesses Must Take to Reduce Risk of COVID-19

The outbreak of coronavirus has affected hundreds of thousands of people. The world, as we know it, is uncertain right now and has thrown all forecasts into the wind. The only clear fact is that many companies will feel the impacts of the crisis. Are you one of those companies facing the effects of COVID-19? Then, this post is for you. In this article at Strategy+Business, Melanie Butler and Kristin Rivera discuss in-depth about the actions businesses must take to mitigate the effects of COVID-19.

Steps to Manage the Crisis Situation

Keep an Eye on Your Supply Chains

Project managers in your organizations must make sure that errors or substitution problems don’t arise while delivering products or services. You must work closely with your clients to understand the challenges they face and take steps accordingly to address them. If disruptions are preventing you from meeting your clients’ expectations, explore substitution opportunities. Additionally, identify the teams or individuals on whom critical services or processes depend. Ensure that there are adequate workers with the right skills who can step into critical roles, if required.

Communication is Key

“Your employees (and wider stakeholders) will be looking for reassurance from you that they are being protected and that the business is prepared,” says Melanie and Kristin. Your workforce must know that their welfare is paramount to you and your business. Therefore, your communication practices must be consistent and accurate. Coordinate with all business functions to respond fully and in a timely manner.

Identify the Crisis Management Plan

Adapt generic plans and tailor accordingly to cope with the specific challenges of the pandemic. Identify which actions will help your company to respond effectively. Additionally, be mindful of your compliance plans and policies for possible decision-making bottlenecks. The disruptions caused by COVID-19 may linger for several months or years. Keep in mind the regulatory and legal responsibilities and develop strategies to reduce your company’s risk.

Click on https://www.strategy-business.com/blog/Seven-key-actions-business-can-take-to-mitigate-the-effects-of-COVID-19?gko=4c0d1 to read the full article.

Nivedita Gopalakrishna

Nivedita Gopalakrishna is currently working as a Content Specialist with CAI. She has more than eight years of experience in blogging, copywriting, and ghost-writing. Nivedita started her career as a reporter/sub-editor in one of the reputed newspaper organizations in India. She went on to pursue her career as a content analyst in an Indian-based company, Brickwork India Pvt Ltd. Nivedita has assisted several overseas clients with SEO-friendly content for B2C copies, blogs, product descriptions, newsletters, sales letters, e-books, and research papers. When she is not at her computer, you can find her either reading vintage novels or singing Indian classical music.

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