Did anyone see a pandemic coming? Was there any plan prepared to fight with it? And since the answer to both of them is no, what do we do now? Many businesses have never even met such a situation before. It is not an event for which people mark their calendars and begin saving for this rainy day.

Eventually, not everything survived this hit. Finance analysts invested countless hours and all their learnings for a big corporation and came up with ideas to cope with the challenge. However, most people found their opportunity and produced what the need of the time was. What we all learned during COVID 19 is that it is no wrong always to have some backups for the worst possible events.

THE NEED TO SECURE BUSINESS:

As the government feared an increase in death tolls, lockdown appears to be the only solution. But saving lives has never been easy when there is so much to deal with at the moment. Shutting everything down came with the prices of economic setback. From residential to industrial level, from production to consumption cycle, all cycles stopped. But here comes the worst part; the need for resources rose dramatically. By the time countries realized the severity of the situation, many people got infected.

Insurance, safety deposits, savings, and some other live savers came forward to curtail the misery. Many large scale organizations and private businesses acquired safety measures as they foresaw the disaster.  

WAYS TO KEEP THE WHEELS RUNNING:

Owners adopted different ways to manage finances for the forthcoming months. Let’s discuss the following one by one and understand their role:

GETTING INSURED: 

Many businesses felt less endangered as they got themselves completely insured in all aspects. Thanks to the policymakers who have been producing various types of coverage. Small scale businesses of all natures selected their insurance according to their need. For instance, owners of animal care organizations are likely to face issues regarding injuries of employees or equipment malfunctioning at the station. Thus, a dog grooming insurance or any general liability insurance provides the company with the needed security and features for unforeseen events. 

Some of the most pursued insurances of the past six months include:

1)      Professional liability insurance 

2)      Workers compensation insurance

3)      Home-based business insurance 

4)      Vehicle insurance

5)      Business interruption insurance

DEVELOPING A PLAN:

Whether or not you were courageous enough to face this situation, now it’s time. It is better to analyze the possible risk factors, loss, and devise solutions. Businesses with an emergency preparedness plan stand out among all. This strategy building helps in outlining the steps and prevent panic-stricken measures cum mistakes. 

Some essential features of the plan include;

1)      Protecting your employees in all possible circumstances

2)      Steps to take in case your organization meet its case 

3)      Emergency events’ SOPs

4)      Measures to take if shutting down remains the only option 

CREATING RELIABLE COMMUNICATION CHANNELS:

Well, don’t forget that leaving loopholes never work in the business. If your company manages work from home strategy, then developing a communication web would be the first step.

For example, in a web development company, without the accessibility of an all-in-one platform—the chain of writing, editing, optimizing, and uploading content will not be possible.

Portals and websites must get developed so every member of the corporation can stay up to date. A hub of communication, when set online, must contain security as well, so avoid data leak and treachery. Here are the critical factors while creating such a platform:

1)      Analyze all communication challenges and boundaries

2)      Continuous interaction is vital for uninterrupted operations

3)      Leaving no group unattended for connection to foster strength and stability

4)      Address all the issues timely and be open for understanding and empathy

MANAGING WORKPLACE ESSENTIALS:

Is your company’s operation flexible for a work-from-home scenario? We must not forget that production houses and their machinery can’t work domestically. Thus, to keep stock running, we need strategies to implement and get through the rock unharmed. Amidst different solutions, calling employees in shifts to divide the mass is working well so far. Companies are forming small groups and lessening their duty time so that more groups can be called upon daily. But saving them from infection is foremost at the priority list. Consider a mobile pet grooming vehicle; all the pieces of equipment and the personnel present in it need to get some additional supplies for protection against coronavirus.

For this reason, fundamental initiatives are necessary to keep business running;

1)      Get the whole workspace cleaned up thoroughly and at smaller intervals

2)      Get the stocks of hygiene-products, such as sanitizers, soaps, tissues, masks, disinfectants, etc.

3)      Arranging paid leaves for sick employees

4)      Place more and more awareness charts to address the need of the time cautiously

CONCLUSION:

Rather than panicking and underestimating the strength of strategic planning, one must be ready to fight until the end. Undoubtedly, COVID 19 came with several challenges and daunting outcomes, but with every problem comes along a solution. When we analyze the darkest side of any situation, there exists a point from which begins the healing.

Your businesses might be different in nature or scale, but dealing with its stability will remain the same in a broader perspective.