With the rising impact of COVID-19 being seen worldwide, all industries will face significant disruption to their supply chain, workforce and cashflow.
The right response will depend on the specific circumstances you and your business face. However, when experiencing significant stress or distress, we recommend you focus everything you do around the management of cash.
Our Resilience Wheel outlines five key considerations for businesses with cash management at the centre.
1. Cash management
Take steps to retain cash in the business. Short to medium term cash forecasting is essential
2. Contingency planning
Where are the critical points in your supply chain? Explore what reliance your business has on external support for any processes
3. Stakeholder management
Be proactive and engage with tax authorities, lenders, landlords and key suppliers to avoid missing out on financial and other support that may be available
Active engagement with people, unions and other employee representatives to explore what options can be accommodated for each business
5. Setting up a crisis management team
Ensure representation from key departments or groups and meet frequently to discuss and prioritise problems
Download our Resilience Wheel brochure [ 1333 kb ] to learn more about and the measures our team can put in place to protect your business during the COVID-19 crisis.