Response Strategy: How Businesses Should Move Forward During COVID-19

 

The outbreak of COVID-19 has triggered a global pandemic that has caused devastation around the world. The coronavirus has not only affected many thousands of people who have contracted the disease; it has also impacted the health of the global economy and local businesses.

Thanks to the coronavirus, many businesses have been forced to close their doors, ceasing operations temporarily in accordance with lockdown rules. During this time there are some businesses that have continued to operate – and these businesses have had to create comprehensive response strategies, which state how they will follow government advice and regulations in order to protect their staff and revenue.

COVID-19 response strategies must, by design, be adaptable and flexible. Business leaders must be able to respond quickly, adding and changing the plan, to bring it in line with the latest governmental and scientific advice.

Nilesh Waghela – a retired independent business adviser – has spent his career creating successful and effective business strategies for small businesses. As the coronavirus continues to spread throughout the world, having a strong business strategy is more important than ever before.

COVID-19: Supporting Your Business and Workforce 

Responding to the Coronavirus Crisis

It is typical for a business to operate with a continuity plan. In response to the coronavirus, businesses should be adapting and changing this plan to include their response to COVID-19. One important issue that should be addressed in a response strategy are travel restrictions related to the coronavirus, which are likely to affect a great number of businesses – causing disruptions to the supply chain, procurement and deliveries.

Financial forecasts will have to be re-evaluated to account for the immediate effects of the coronavirus, as well as further ripple effects that will shape the market for years to come. There are many new circumstances, risks and uncertainties that have been created during the pandemic that will not have been planned for, including changes to taxation which will affect businesses for the foreseeable future.

A clear and thorough strategy is essential for businesses operating during the current global pandemic, as it will ensure that all of the necessary measures have been put in place - and that the business will be able to evolve and adapt to the virus.

The Coronavirus Crisis: The Four Stages to Creating Powerful Business Strategy