The Coronavirus pandemic is a major concern in term of both public health and the economy. COVID-19 is interrupting all industries around the world and businesses are struggling to manage during this troubling time with many already closing their doors for good.

It will depend on your industry and individual business but there are a few risk management strategies that a company can use to keep the operation running during the outbreak crisis. Read on to find out more.

Remote Working

First, it is important that you have staff working remotely where possible. This allows the business operation to continue during the outbreak while abiding by Government restrictions during the current lockdown.

Keep Everyone Informed Of Updates

It is also vital that you keep everyone involved in the company updated in terms of what the latest Government advice is along with what steps you are taking to protect public health while also helping the business to survive during these challenging times. This will include informing staff, shareholders, suppliers, customers and anyone else attached to the business. As it is such a fast-changing situation, you may need to provide daily updates to keep people informed and to show that you are on the ball.

Establish Government Support

During these difficult times, the Government is providing support for all businesses and employees which many will need to rely on. You need to look into what support is available to your business as this could help you to survive during this difficult period and avoid difficult decisions like cutting staff.

Business Continuity Planning

Business continuity planning involves devising a strategy that will protect the company and allow stability in the event of an external disruption, such as an epidemic. Ideally, this will have been carried out before the outbreak but you can still speak to specialists like Gallagher which will allow an expert plan to be put in place which should help your manage to survive during the outbreak and after when there are likely to be long-term effects felt for a while.

Beware of Misinformation

Unfortunately, we live in an age of misinformation where there is a lot of “fake news” which can sometimes be hard to differentiate from the truth. This can be incredibly dangerous so it is important that you are wary of where you get your news from and rely on trusted sources, including the Government, public health bodies and experts.

Collaborate

In order to survive during the Coronavirus (and any other difficult period), communication and collaboration will be critical. The key teams that will need to work together will be PR and communications teams, legal and regulatory teams and operational response teams – this should help you to devise the best way forward protecting all areas of the company along with supporting employees and protecting public health.

The Coronavirus outbreak is having a significant impact on public health and the economy and businesses must know how to react to this crisis. These are the best strategies to use during these times and hopefully will help your business to weather the storm and come out the other side.