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Tips on how companies and entrepreneurs can face the COVID 19 crisis

May 28, 2020

In times of crisis, the priority must first be set in the company, for the employees and for everyone involved in the growth of the company.

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Tips on how companies and entrepreneurs can face the COVID 19 crisisTips on how companies and entrepreneurs can face the COVID 19 crisis

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The arrival of the Covid-19 corona virus has forced governments in most countries to take measures to protect the health of all of their citizens and to create a new order that has a direct impact on businesses and organizations. As part of the solution to this reality, managers and directors of the company must take drastic measures and decisions that, if not followed with good strategies, can lead to wrong decisions and jeopardize the true leadership of management.

To make good decisions, experts from TechStars, a global platform for investment and innovation, have created an area where they all gather Resources and tips to help entrepreneurs in these uncertain times This stops the corona virus from expanding. Topics such as mental health, practical advice from experienced CEOs, resources for founders and investors, and crowdsourcing solutions are some of the tools that the accelerator provides to all entrepreneurs around the world.

David Cohen, co-founder of TechStars, gives some tips on how companies and entrepreneurs can face the COVID 19 crisis and so much better prepare for difficult times in their companies.

set priorities

Image: Depositphotos.com

In times of crisis, the priority must first be set in the company, for the employees and for everyone involved in the growth of the company. For the corona virus era, the limb is the first thing to be locked up.

  • Analyze physical integrity risks across the organization: think of employees, suppliers, customers, allies and employees, taking into account the characteristics that can make them more vulnerable (age, gender, etc.) contagion risks due to the nature of their activities?
  • Think of the company’s human talent and possible infections while operating the company. Analyze what the scenario would be like in which these activities have been suspended for up to 2 months.
  • Ensure cash flow in the same period of 2 months or until the crisis persists, and identify the critical activities, the minimum required, and the critical actors in the company to ensure this cash flow.

How should I react?

Image: Envato Elements

Give priority to the activities that are essential for the growth of the company, convey measures and determination to the key players with the strategies to be implemented.

  • Taking into account the above, take into account the search for activities that can be carried out virtually, as well as the infrastructure that is required to carry out the activities, the existing restrictions and the necessary adjustments and training. also with the suppliers and customers with whom it is possible to develop business and collaboration processes in order to distribute the economic effects.
  • Carefully analyze the company’s staff to define who can be agreed on with whom (early vacation, reduced hours, distribution of wages).
  • Monitor local policies to determine how and what alternatives banks offer to renegotiate loans for SMEs.
  • Another goal in a crisis is to prioritize concrete measures, to inform them in good time and to document the measures. What support should company employees receive to improve the situation? (e.g., food support, healthcare device support, connectivity support, and technology tools in employees’ homes). What kind of help can I give the value chain to alleviate the crisis? (e.g. continue shopping from suppliers, continue to supply customers who support vulnerable communities).
  • Create a monitoring team in the company to achieve specific goals. It is important to break the tendency to work in the same role. For this reason, it is recommended that team members have different hierarchical positions and belong to different teams.

How can you make decisions?

Image: Envato Elements

Establishing communication processes is essential, as the challenges of a crisis situation for employees, families and society in general are made known. Listen to employees, suppliers, customers and partners on how they deal with the situation personally and professionally and develop joint solutions.

Finally, primarily communicate the measures taken by the company, do so transparently and through various channels that enable easy understanding of the measures.

Without a doubt, the work fronts are diverse and the dynamics change. Today, the priority is to face the contingency in which the world lives. But that is known The emergence of crises and disasters drives the development of innovations and new strategies aimed to mitigate the damage caused and then prevent the following. In these situations, humanity can work together in solidarity to put all their creativity and technical skills to the service of developing solutions. This also includes the corporate sector. We all have to work to ensure that good news continues to come from the world of science, technology and innovative companies.