Lessons Businesses Can Learn on Disaster Preparedness in Light of COVID 19

7 July, 2020 / Articles

If there’s one thing that has become quite apparent during this pandemic, it’s that we have terrible disaster preparedness structures in place (And that we need to watch what we eat, but that’s beside the point). COVID19 is a virus that has brought the world to a standstill. Borders are closed, business is suffering, trade halted and the global community that took so long to cultivate has been put on hold. No one would have expected the world economy would have come standstill.

 

People are now questioning their lifestyles; Isn’t there a way all this could have been prevented? Or at the very least its effects mitigated? Isn’t there something we could have done to make sure we were sufficiently prepared to fight this virus? Are just some of the many questions running through people’s minds.

 

So, let us dive in to see some of the thing’s businesses can learn in terms of disaster preparedness in light of COVID19;

 

Test crisis and business continuity plans consistently

While a good number of companies already had measures in place to counter crisis situations, not all were able to survive the first contact. However, no one could have prepared for the COVID19 pandemic. As such, it is important to test your countermeasures for weaknesses in various scenarios. This is to ensure the strategies in place can do its job.

 

Financing

A crisis such as this is quite unprecedented and could take a lot out of a company. This could take the form of trying to stay afloat, looking to make sales, securing your employees and the company as a whole. And guess what, all of this need’s money. And likely a lot of it. It is thus advisable to always have a sum stored away for unforeseen situations such as this. The survival of your company will depend heavily on what actions you take before, during and after the crisis. Where more often than not you will need some disposable cash to make sure smooth operations continue. Also, companies should have emergency funds.

 

Focus on data

During a pandemic such as this, it is easy to come across fabricated or inaccurate information about the current state of affairs. It is, therefore, important to make sure that the information you choose to act on is from a trusted and credible source. doing so will enable you to pick the direction that will yield the most favorable results for your business.

 

Adaptability

Pandemics tend to be very unpredictable. This is because the spread of viruses such as Covid19 is influenced by various factors that could alter its behavior completely. These include mutations, mistakes by authorities, fear-induced issues among the general public and so much more. Thus, it is advisable to make your plans as flexible as possible to make sure they can be changed at a moment's notice. Adaptation is key to survival when it comes to changes in our environment.

 

Balance all communications

Each business is accountable to a certain audience. They can be internal (employees, shareholders, the board of directors, etc.) or external (government, customers, regulatory bodies, etc.) audiences. With this in mind, businesses should make sure they come up with proper communication structures and prioritize accordingly, use appropriate language and tones and inform of measures taken.

 

Conclusion

If this pandemic has taught us anything, it's that things are not always as rosy as they seem. When put to the test, many things crumble under the pressure. As such, more stringent measures are needed to keep businesses afloat during times like these.

RECENT BLOGS
Interview: Victor B. Ondiwo on Cytonn Young Leaders Program

Cytonn Young Leaders Programme (CYLP) is an intensive 12-week training and mentorship program which seeks to provide the vital work experience to fresh graduates just joining the job market. The pr...

Mortgage 101

A mortgage also known as a lien is a debt instrument usually secured against a collateral of a real estate nature. Payments made to offset mortgages are usually predetermined. Failure to commit to...

The Role of Technology in the Investment Industry.

Technology has always been regarded as an enabler for business transformation. It is quickly becoming a disruptor of the traditional business models, hence cannot be overlooked. The investment indu...

Top