Managing the fallout from COVID-19 has become an incredibly daunting prospect for many Australian businesses, proving to be an undeniably challenging task.
With the economy plummeting, new pressures are emerging, bringing about an array of obstacles organisations must now overcome if they wish to maintain the ongoing viability of their operations.
Across Australia, unemployment is mounting, with 2.16 million individuals out of work and accumulating less disposable income than they once would. With this in mind, economic recession and uncertainty have seen the collapse of buyer demand. Businesses are also facing:
- Significant regulatory modifications
- Supply chain interruptions
- Health and safety workplace implications
Implementing improvements and adjustments on an ‘as required’ basis or, in other words, in response to issues as they arise, will not be sufficient for organisations looking to survive the pandemic. By laying the groundwork now, introducing strong policies and procedures for managing the ever-changing business environment, companies can prepare for a prosperous future.
What To Be On The Lookout For
For many, business at the moment is relatively slow – so it’s the perfect time to start planning for the weeks and months to come.
Devising an updated organisational strategy will be crucial as, unsurprisingly; it likely won’t be ‘business as usual’ for some time. However, once restrictions do start being lifted, your business needs to be in the position to quickly, efficiently and effectively implement a clear plan-of-action; otherwise, you risk jeopardising your future success.
So, what should you be on the lookout for when transitioning out of strict COVID-19 restrictions?
When you’re looking ahead and preparing for the road out, taking the following points into consideration is absolutely crucial:
- Is your business adequately staffed?
- What will your business’ operations, workforce and the like look like post-pandemic?
- How will staff members return to the workplace? This process may be staggered, as opposed to bringing back all employees at once. If this is the case, which team members will return, and in what order?
- Are you prepared for some employees, for instance, those who are immune-compromised, choose to continue working remotely for some time?
- If your premises have been unoccupied for a prolonged period of time, have they received the appropriate upkeep? Are they in a suitable state for employees to return to the workplace, in that they comply with relevant health and safety regulations?
By tackling challenges head-on and taking sufficient measures to secure the future of your business now, you’ll be giving your company a fighting chance at surviving the COVID-19 pandemic.
For more information, or if this article has brought up any queries, please don’t hesitate to get in touch with your insurance broker.
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