The supply chain issues created by the COVID-19 pandemic are challenging businesses in ways they have never considered. Some of these changes will — and probably should — remain in place after the immediate crisis is over. This means businesses need to react to what is happening today at the same time they are developing steps to be proactive moving forward, after this emergency is over.
Here are five issues to consider. Keep in mind that this list isn't intended to be definitive. Each business will have to adjust it to meet its specific needs.
Review your cash flow.Most businesses are going to take a hit in their cash flow, if they haven't already.
Analyze your supply and distribution chains. In a global economy, a problem halfway around the world can affect you before you even know it.
Review your supply and demand forecasts. You don't have a crystal ball, but use what you have to make predictions.
Assess your HR policies and procedures. Don't forget that your employees are your most important resource.
Crisis communications are key. Openness and transparency are the key to retaining staff, clients and customers. Communications need to be frequent, with frequency and messaging adjusted for each audience. Managing expectations is vital. It may not be enough to say "We are here for you" — each of your audiences wants to understand what you're going to do to help them get through their particular crises.
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