A guide to the business implications of COVID-19.
his guide aims to provide insights and a broad understanding of how to adjust business operations in light of COVID-19. Companies with extensive exposure to affected areas should take prompt actions in order to maintain the agility to overcome operative difficulties, support key stakeholders, employees and customers.
We recommend you connect with our bankers for specific advice tailored to your organization.
Dr. Chris Manfre
Associate Vice President
As the novel coronavirus (COVID-19) continues to spread around the globe, many companies are articulating action plans in order to alleviate the impact on operations and continue to function efficiently.
Although, we can have access to pandemic predictions and statistics, it is too early to fully grasp the ultimate consequences on businesses, as the situation is still evolving.
To help you and your company understand your exposure to COVID-19, and more importantly, thrive in a situation of this magnitude, please review our insights from our Bardi Co. management team.
People & Customers
Provide daily guidance to your employees located in affected areas.
Be ready to reassess customer engagement and travel policies.
Corporate social responsibility should one of your company’s top priorities, including employee stability and socioeconomic factors.
Implement a work from home policy, if necessary, and equip your employees with the necessary productivity tools.
Facilitate information flow with your key suppliers while identifying sourcing alternatives.
Review all of your supplier contracts and create a contingency plan in case of supply shortage.
Establish a task force in charge of supply chain management and when necessary, reconfigure goods transportation routes.
Identify which products or services will be most impacted and make sure to allocate resources towards primary raw materials.
Plan with your board of directors on how to effectively communicate to key stakeholders.
Establish clear responsibilities between the board and management committees.
Assess your risk management capabilities to understand whether or not you have the necessary measures in place.
Adjust business continuity plans to allow your company to adjust to evolving situations.
Analyze short-term working capital needs.
Revise cash flow and inventory forecasts.
Make adjustments to sales and operations departments and communicate with your sales force to be synchronized among all functions.
Your company may need access to private funding; hence it is essential to work alongside professionals that can help you identify available sources of capital.