A preferred choice of next-gen business leaders to take key business decisions.
Gain insights with Industry specific success stories, case studies, videos and whitepapers for Sage Solutions
Get a comprehensive understanding on how to leverage maximum return and potential for ERP Software
The COVID-19 pandemic has sent bout of jitters across the business community. Many industries have reached an impasse and are unable to figure out how to cope with this unprecedented situation. This article takes you through 3 ways in which business management software can help companies counter severe shocks and buckle up for a post-COVID-19 world.
1. Prioritize employee safety
As per the data, COVID-19 virus has infected more than 3 million people and has caused more than 2,00,000 deaths worldwide. As a company, your priority should be to take care of the health of your employees. You should keep the following things in mind:
● Employ remote working procedures so that there is no need for your workforce to commute from home to office to back. This will severely reduce their chances of coming in contact with an infected person.
● For industries where remote working isn’t possible (such as construction), provide safety gear to curb the spread of the virus.
● Conduct regular examination of your employees to know who is affected and who is not. And keep a ready team of doctors dedicated solely for COVID-19.
● Be in touch with institutions of repute that release guide-notes from time-to-time that help combat the virus.
● A business management software can sync with QR code apps that let you track the movement of each of your employees over the previous 14 days. This helps to know whether any of them has been to a COVID-19 sensitive zone.
2. Revise your business continuity plans
Most companies have a big question mark when it comes to business continuity. This is because the COVID-19 pandemic has debilitated supply chains and the incoming and outgoing of essential products. The following points explain what companies can do in such times of uncertainty.
● Companies should formulate short term liquidity plans for dealing with cash flow pressures.
● They should limit their working capital as most of the inventory will be left unused until the pandemic persists.
● Companies should note any product-price escalations and decide their current and future implications.
● Consider searching for new and more resilient supply chain vendors than being dependent on a few.
● A business management software will enable you to forecast how long the disastrous impacts will continue and how you can tweak your business continuity plans to keep your company afloat.
Also Read: Business Continuity Management Despite the Pandemic Storm?
3. Effectively communicate with relevant stakeholders
Clear communication with relevant stakeholders – employees, customers, vendors, suppliers, etc. – is a must. This enables them to know what actions you are taking to counter the virus and what changes do you expect them to make if any. The following points illustrate how companies can do it:
● Customers: Keep your customers apprised of the ongoing disruptions and why you are facing difficulties in fulfilling their orders on time.
● Employees: Provide medical facilities to your employees and frame new policies for remote working.
● Vendors & Suppliers: Keep a check on your vendors – what problems they are facing and how you can resolve them. Also, look for other third parties to keep business disruptions at a minimum.
● Investors: The shareholders – creditors and investors – would like to revisit your business profitability plans and review your loan documents. Give them a clear picture of the current situation and what steps you are taking to keep the company competent in times of uncertainty.
The COVID-19 pandemic seems to have a greater impact than anticipated. Companies which do not have alternate plans and are too slow to act will either shut down or will barely survive.
At Sage Software, we are home to world-class business management software – CRM, ERP, and HRMS – that will make remote working a piece of cake, boost employee productivity, synchronize inter-departmental activities, and generate more profits. To know more about it, SMS SAGE to 56767. You can also write to us at email@example.com.
Disclaimer: All the information, views and opinions expressed in this blog are those of the authors and their respective web sources and in no way reflect the principles, views or objectives of Sage Software Solutions (P) Ltd.