How can you protect your business in the midst of COVID-19?
- Value Employee Well-Being
- Look For Opportunities To Maintain Business Continuity
- Assess Supply Chains and Plan For The Long Term
With over 5 million cases worldwide and more than 13,000 confirmed cases in the Philippines, it seems that business as usual won’t be happening any time soon. An innovative strategy on how to protect your business in the midst of COVID-19 may be the most appropriate choice for businesses in this current situation.
Read on to learn how!
Value Employee Well-Being
As a business owner, securing your business equally involves placing your staff among your top priorities. These individuals are the backbone of your operations, so make sure you are committed to supporting their health, safety, and well-being.
You’ve likely seen a number of companies shifting their efforts digitally during these times. The Department of Health recommends that companies provide alternative working methods for their employees to avoid the further spread of the virus. Consider the option of establishing a work-from-home system for their protection. Complement these efforts with constant check-ins, flexible working hours, and providing the technology and tools they need to efficiently perform their deliverables.
Furthermore, there are industries and establishments that remain in operation amid stay-at-home orders. It was recently declared by the Department of Trade and Industry that companies within the National Capital Region that fall under manufacturing, retail, and service shall remain in operation. This is to keep up with the surge in demand for essentials like medicines, food, water, rice, packaged food, cleaning supplies, and more. In circumstances like these, it is critical for businesses to promote hygiene through proper handwashing, using hand sanitizer, strict respiratory health etiquette, and thorough disinfecting of the workplace. Lastly, provide them with protective wear (gloves, respirators, bodysuits, and masks).
Look For Opportunities To Maintain Business Continuity
So, what can you do as a business owner during these challenging times? First, conduct a business continuity risk assessment. This may help in recognizing internal, operational, financial, and market risks. It may also aid in identifying direct and indirect impacts. This way, you can additionally develop resilience in anticipation of the “new normal” for your business post-pandemic.
Depending on your type of business and the products and services you offer, solutions to maintain business continuity will vary. If you aspire to curb the dip in revenue that you’ve been experiencing, you may want to reshape your approach and be creative with how you want to lighten your capital cycle. Most food and beverage companies these days have been offering food delivery and pick-up services. Recreation and entertainment businesses such as hair salons, spas, and fitness centers are restrategizing how they can offer their goods and services online.
If you are an essential retail business, think about how you can boost your production to meet the demands of consumers. Companies like P&G Philippines have seen a spike in demand for their cleaning and hygiene products. Their plant in Laguna, located at Light Industry and Science Park I, is working on a 50-60% capacity to produce and meet demand.
Assess Supply Chains and Plan For The Long Term
Assessing your supply chain is more important now than ever as it will help detect any possible vulnerabilities to your operations. Communicate with your suppliers, manufacturers, stakeholders, and investors so that you are both in line with your goals in navigating through COVID-19.
This is a vast advantage for businesses that are located in industrial parks. Industrial parks present effective supply chain control. In one zone, locators are given the advantage of increasing output, distributed management, and supply chain logistics. There are sources of raw materials, main transport flows, and the availability of highly qualified workers.
If you want your business to boost its sales, industrial parks are definitely something you should look into. It is profitable, inclusive, and sustainable. There is always an availability of infrastructure such as electricity, water, roads, telecom, and more. The production of your goods can begin immediately without any wastage of time and resources. Along the side, locators and industrial parks can explore new markets and sources of supply of materials.
Whether you are a start-up business or a large enterprise, it is inevitable for your company to go through challenges and trials during the pandemic. By learning how to protect your business from COVID-19, it will be much easier for you to come to terms with its impact on your business. Alongside this, your company will build resilience and reshape itself looking forward to a post-pandemic future.