While large-scale quarantines and social distancing will minimise chances of spreading the coronavirus, it also threatens to kill small and medium businesses. Large corporations are not spared either.
Management consulting firm, Mckinsey predicts that large-scale quarantines, travel restrictions, and social-distancing measures will drive a sharp fall in consumer and business spending until the end of Q2, which may result in a recession.
“Demand suffers as consumers cut spending throughout the year. In the most affected sectors, the number of corporate layoffs and bankruptcies rises throughout 2020, feeding a self-reinforcing downward spiral,” Mckinsey said.
The outbreak in northern Italy has already led to the postponement of Milan’s Salone del Mobile and the Venice Architecture Biennale, as well as the MIPIM property fair in France and Light + Building in Germany, among many other events.
South Africa declared a national disaster and announced a ban on travel from the worst-affected countries, and Kenya has imposed sweeping travel restrictions. At the time of writing, nearly 350 people have been diagnosed with the virus across Africa. Seven people have died while 42 have recovered , the World Health Organisation (WHO) reported.
So, how do you keep your business going during these tough times?
1. Consider introducing remote work as an option
With many freelancers already working remotely, this is something you should consider for your team as well. There are a lot of free online tools that businesses can use to stay in touch and keep working even if they aren’t in the same place. For instance, tools such as Trello which helps you to manage projects and be on the same page as your team.
Consider using video calls to communicate with your team and clients or to interview job candidates. Also, adjust or postpone large meetings or gatherings.
2. Be obsessive about hygiene
Place hand sanitiser dispensers at the door and throughout the office building. Stop the spread of the virus by following these health and safety tips:
- No handshakes: Use a non-contact method for greetings.
- Wash your hands constantly: Employees should wash their hands when they arrive and every time they enter the premises, as well as frequently throughout the day.
- Try not to touch your face, and remind employees to do the same
Constantly and regularly disinfect surfaces, including door knobs, tables and desks.
3. Have cash on hand
Have at least one to three months of cash on hand. This cushion is necessary to cover immediate expenses, such as salary and debt payments. Do not solely rely on financial instruments or short-term credit to make up the difference.
4. Have an adequate buffer stock
Have an adequate buffer stock of crucial parts and other inputs on hand. If you have not already done so, identify and establish relations with alternative suppliers from countries that are less affected by the coronavirus.
5. Allow sick employees to stay home
Employees who are sick should stay home. That includes staying at home if they have a sick family member as well. This practice will decrease chances of spreading the virus.
6. Real estate agents
If you are a real estate agent who is constantly interacting with potential buyers you are at a risk of being infected. The good news is there are many easy and inexpensive ways to get clients a visual tour of a home such as FaceTime, video and livestream. Familiarise yourself with those online tools.
7. Use Personal Protective Equipment
If you will be interacting with a lot of clients it is important to properly wear the following personal protective equipment (PPE): gloves and mask. When worn correctly, procedure masks and gloves will protect you from droplets and particles that could be infectious.
