As Australia mobilises to mitigate the impact of COVID-19, uncertainty is the new constant. The outbreak highlights the need for businesses to be both prepared and resilient. In this ‘new normal’, ongoing business continuity planning and crisis preparedness will equip your business with the tools to move forward in the face whatever is thrown your way.
The economic impacts of the crisis will no doubt be substantial. We know your business is trying to juggle many tasks such as understanding, reacting to and learning real time lessons from rapidly unfolding events.
P4 has prepared the following to help you navigate uncertainty in the short-term while planning for business success in the medium to long-term.
Your employees will most likely be feeling anxious or confused about the wealth of information and the best course of action in the face of COVID-19. The best thing you can do in this instance is ensure employee engagement is prompt, clear and balanced.
A good place to start is by designing and executing a communication plan that is consistent with the guidelines issued by health authorities. It is also equally important to provide employee autonomy, so your staff feel emboldened to deal with an evolving situation. This should be coupled with open two-way communication so employees feel they can voice any issues or challenges as monitoring of updated policies takes place.
The right communication plan can be invaluable in avoiding any undue alarm, protect employees and ensure continued productivity.
Get in touch today and #AskP4 how we can help you stay on top of employee engagement.
Staying close to your customers during this period of uncertainty is critical. Messages to key stakeholders must be timely and convey compassion and integrity. It is also important to ensure your organization has a crisis management plan in place supported by a communication plan with a strong people focus. Ensure you proactively keep stakeholders in the loop and demonstrate purpose in everything that you do.
Remember not to encourage panic. The best thing you can do is manage customer expectations by communicating any potential delays. Think about how you can reassure customers during this upheaval and don’t forget your competitors are facing the same challenges as you.
#AskP4 how our stakeholder engagement and communication services can assist.
The Federal Government recently released its first stimulus package for businesses impacted by COVID-19. It can be accessed here.
Planning is also underway for a second stimulus package and is likely to be announced by the government in the coming weeks.
The Queensland Government has introduced new payroll tax relief measures for SMEs to defer their payroll tax payment for six months. Read more here.
The Queensland Government has also announced a $500 million loan facility, interest free for the first 12 months, to support businesses. The facility will comprise of loans of up to $250,000 through the Queensland Rural and Industry Development Authority.
Need help deciphering what your business may be eligible for? #AskP4 to get in contact with you to lend a hand.
We know that businesses of all shapes and sizes are likely to experience significant disruption to their business as usual operations. Depending on your sector, there are likely to be impacts to your supply chains and shifts in consumer demand.
Considering this, it is important to ensure you have robust business continuity arrangements in place. This entails evaluating business liquidity as well as short-term cash flow. Stay in contact with your suppliers to manage any potential disruptions. Make sure you assess any anticipated operational or financial risks and monitor both in-house and outside vulnerabilities that may be impacting your customers.
If you operate with transparency and communicate openly with staff, stakeholders and customers, you will be on the front foot to react in an agile and reflexive manner thereby arming you with the right tools to respond to any unfolding scenario.
Get in touch today and #AskP4 how we can help you craft the right communication plan for your business and customers.
Let’s face it, several indicators tell us that global pathogen outbreaks may just be the new normal. And, after Australia’s summer of unprecedented bushfires, we can also assume that nature won’t let up any time soon. What does this mean for business planning? And how can you take the lessons of this experience to better prepare your business for future crises.
The best place to start is to look ahead to see how your business can be more resilient in the future. This may involve detailed scenario planning and enhancing current risk management practices.
Technological updates will also be critical if working from home arrangements need to be implemented in your workforce or you need to offer your customers more digital touchpoints.
Organisations will also need to examine and define predicted supply chain disruptions and set plans in place for any peaks or troughs in supply and demand. Once COVID-19 is controlled, re-assess your renewed business continuity plans, review internal guidelines and integrate lessons learned to new contingency plans for your business.
Get in touch today and #AskP4 how our #ThinkTanks can help you and your business not just survive but thrive in the new normal.