Begin with a business continuity plan. Usually called a disaster recovery plan or crisis management plan that will outline how your company will react to any unforeseen circumstances. These plans typically include a guide to layoffs, furloughs, or termination, as well as operational changes and compensation adjustments.
Businesses should also consider a contingency plan to manage security risks and cyberattacks, along with supply chain disruptions. While these plans likely don’t consider all of the specificities of the COVID-19 pandemic, the basic philosophies and guidance are still relevant.
Another way to build business resilience is to create a business impact analysis. This analysis gives many different ways disruptive events can affect your business operations. This along with a risk assessment will help your business continuity planning immensely.
So far, some businesses have already pivoted their functionality to become more essential in today’s world and have implemented new strategies like curbside delivery and pickup to continue bringing in revenue. As we continue to navigate this unfamiliar territory, the best thing you can do for your business is to make a well-researched plan and adjust as you go. At TGG, we want to help your company come out on top. Contact us for more information on how we can help your company survive and thrive during these times.