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5 Ways To Protect Your Business During The Coronavirus Pandemic – Financial Planning in Scarborough

We didn’t see anything like the coronavirus pandemic in the recent past. Many companies are losing their business. Many employees are losing their job. People are forced to change their lifestyle. Social distancing and self-quarantine are becoming the buzzword around the internet.

As the businessmen are struggling to run their business, we thought now is a good time to share some tips about protecting your business during the corona outbreak. We are here guiding you in financial planning in Scarborough.

Create a Plan

Different times need different strategies. Those who can adopt a successful plan can survive and, in some cases, thrive in a difficult time. The coronavirus has created an unprecedented impact on business. Even the most profitable companies are losing their money. So, you have to face reality. You are going to suffer some losses. Your job is to minimize the damage. And to do that, you need a solid plan.

To make a solid plan, you need to figure out the limitation created by the coronavirus. What you can do and what you can’t. Keep these things in mind while you are making your plan-

  • Make sure that your employees are safe.
  • Make sure that you have an emergency protocol.
  • Make sure to uplift your employees’ confidence.

Arrange a Work from Home Policy

I know it’s not suitable for every type of business. But, in most cases, you can establish a work from home system. You may be surprised to know that it’s quite useful and in some cases could increase employees productivity. Now, you need a plan and a dedicated team to conduct the whole procedure.

Working from home means more video conferences, more phone calls, more email, and more messages. You will need effective coordination to conduct the whole system. The initiation could be a bit bumpy, but when you get the hang of it, you will be fine.

Arrange a Work from Home Policy

Keep Everyone Posted

At the time of the outbreak, it’s natural that people will be panicking. There is lots of information and misinformation spreading out there. People don’t know what to believe and what not to. The best way to relieve your employees from anxiety is to make personal communication. Give them the assurance that you and your company will be there for them. You also need a dedicated team to keep everyone posted about the necessary updates of the coronavirus.

Reevaluate the Cleaning Procedures

Old-time is gone. You need to rearrange your whole cleaning system. Whether it is the office or home, you need to make sure that you maintain the proper cleaning procedure that the corona outbreak demands. The best way to keep safe is by cleaning your hand more and more. I know it’s annoying, but there is no other way. Make sure that everyone maintains the cleaning procedure and avoid physical contact.

Give Special Attention to Vulnerable Employees

Researches show that people who have cardiovascular disease, diabetes, chronic respiratory disease, hypertension are more vulnerable to coronavirus.  So, you need to arrange a meeting to address this issue and check everyone’s medical records carefully. You need to make a special arrangement for them. You should give them leave or if not possible, working from home facility. It’s a matter of life and death, as well as your company’s reputation.

Give Special Attention to Vulnerable Employees

Final Thought

Coronavirus is causing irreparable damages to the business. Millions of people are losing their business and employment over the corona outbreak. This is not the time to take things lightly. Everything depends on how quickly you plan and make your move.

This is not just about you. Your employees are also depending on you. A good initiative can save everyone. I would suggest you consult with your financial advisor. You can also contact us with any financial advice. For all types of financial planning in Scarborough, IFII is here to give you the best service.