How to ensure business continuity during COVID-19, by expert
As the coronavirus pandemic continues to ravage countries globally, the need for businesses to remain in operation has been emphasized.
While governments and partners are working to stop transmission of the virus and keeping children and families safe through isolation and social distancing, an expert has also stressed the need for businesses not to be on lockdown, proffering ways on how businesses could still be in operation amid the crisis.
A business communications and public affairs advisor, Segun McMedal, who hinted on how best businesses should respond to survive the onslaught, said this is one of the best times for businesses to step up and help their customers in navigating the crisis period.
According to him, this is the time to deepen one’s business’ positioning in the minds of their stakeholders to be relevant during and post COVID-19 crisis.
Among the steps proffered, McMedal spoke on the need to embrace collaborative business.
He said in collaborative business, companies coordinate with other companies to maximise their efficiency and profitability.
Collaborative business, according to him, is used by companies to team up with competitors and suppliers for efficiency, and it could also be used as a sales strategy to capture more market share.
He also spoke on maintaining and increasing one’s marketing budget and working remotely. “This is the best time to increase your investment in public relations. Almost all the industry and profession have something to say to the virus to navigate the COVID-19 era. This is one of the times when knowledge or professionalism counts to provide relevant information to customers to manage the crisis,” he said.
He hinted on how to maximise government financial support and intervention policies, protecting business cash flow by creating alternative cash-flow management strategies that businesses could use to ease the strain on their working capital, and also by creating and maintaining an open line of communication relevant to their stakeholders to maintain ongoing engagement and support.
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