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Sit down with your management team to determine the sorts of problems your business might encounter. Start with challenges after a couple of weeks, then expand from there. Consider that you might be closed to the public for a couple of months. For example, if you own a restaurant, your challenges might include not being able to have the dining room open and not being able to get adequate food supplies. Once you've listed your challenges, work with your management staff to brainstorm ways to surmount the challenges you've identified. For example, as a restaurant you might use your front-of-the-house staff to deliver food to people or set up curbside pick-up options. During any crisis situation, communication is of the utmost importance to ensure that everyone in your business is on the same page. If you have a relatively small business, your team may simply consist of people who already managed operations. For larger businesses, keep the team to 5 to 7 people. Arrange for the team to meet regularly and keep their operations transparent for the rest of the organization. Using Google Docs or a similar program will help the team share information easily. You might have previously updated your business reports on a monthly or even quarterly basis. However, because the coronavirus outbreak is a rapidly developing situation, you need to keep closer track of your business situation so you can pivot and adapt as necessary before your situation becomes too bleak. Be transparent with your reports and share them with management and the members of the team you've put in charge of your outbreak response. Because of the outbreak, supplies and product may be slower to arrive or may not arrive at all. If you're dependent on manufacturers, you may be hampered by plant closures. Some vendors may also close temporarily. Identify sources that are operating through the outbreak so that you always have back-ups. Even if your supply chain isn't affected, assume that it might be in the coming weeks. If you find alternative suppliers now, you won't have to look for them after you've already run out of something. Spreading the demand across multiple suppliers rather than using just one also helps stabilize the supply chain, even though it might be slightly less efficient for you. Some businesses may happen upon new growth opportunities as a result of the pandemic. However, that shouldn't be your main focus as a business during the outbreak. Rather than looking for ways to capitalize on the situation, look for ways to empathize with the plight of your community and your customers. Take actions that would best serve your community and your customers' interests during this time, rather than actions that would improve your bottom line. Keep in mind that the best thing for you to do might not necessarily be the best business move. For example, suppose you run a health and fitness center and have had to close. If you continued to take monthly membership fees from your customers, you would certainly be able to weather the storm. However, that would breed resentment and could result in customers canceling their memberships. Instead, you could suspend payments for 2 or 3 months. Take advantage of the technology that's available to you to find ways to help your business adapt to the crisis. Keep avenues open that you might not normally consider so that you have options. If you get bogged down in old methods of running your business and refuse to adapt, your business might have a hard time surviving the outbreak. Instead, be open to anything that could help your business stay afloat during this uncertain time.
Identify clearly the challenges your business might face. Create a single team to manage operations through the crisis. Update business tracking and forecasting on a daily or weekly basis. Use alternative sources to help stabilize your supply chains. Focus on empathy over new business opportunities. Stay flexible so you can adapt to a rapidly changing situation.