Many of us are feeling a combination of fear and frustration when ‘coronavirus’ is mentioned, but as business owners there is a lot at stake.
The threat of global recession is growing closer and businesses need to build their armour to help ride the waves and come out the other side. I know that sounds pretty bleak but there is a lot of panic happening now. You may not think that it will affect you too badly, but what about your customers or suppliers? Will that have a, currently unforeseen, knock on effect?
It’s never too late to plan, and if you don’t have a contingency plan in place, now is the time to act. So, what do you need to consider?
- Generally, we would first consider the potential scenarios where a contingency plan would need to be actioned – unfortunately that is very clear right now!
- Then look at the triggers: this could be a loss of income, stock shortages, or staff illness.
- What will be your response? You may need to cut costs to protect your business, or look at alternative means, whether financial or physical.
- Who and how will you inform? Effective communication will be vital – whether it’s to your employees, suppliers, customers or even the wider public.
- Who holds the key responsibilities? This doesn’t need to be all on your shoulders – and defining who is responsible for each element and at each stage will help you ensure the plan is accomplished.
- Lastly, consider the timeline. Knowing when the decisions have to be made, and then the roll out of the plan in real time, will ensure that your business communicates how it is ready for any situation in a timely fashion.
This is a lot to consider, and if you would like support then the UHY family can assist you in whatever way you would prefer. We can help you build your contingency plan over a day or half day, ensuring you have the expert advice now rather than avoiding it until it is too late.
Should you be concerned by the impact of coronavirus on your businesses productivity in the coming months and require further advice or consultancy time to plan, please contact me on s.hutchison@uhy-uk.com or call 01462 687333.
