As the economy changes on a global scale, there is no doubt that Covid-19 forever changes the way that businesses will operate. But the question on everyone’s mind is this: how does one move on after a crisis of this magnitude? The UAE has recently announced business guidelines that can not only help you create a current continuity plan, it can also help you in future crisis scenarios. Here are some things to keep in mind as you build your business continuity plan.
The Right Team
It’s time to take a step back and reevaluate your business’ goals – and this involves picking the right people to help achieve them. Be a realist when it comes to setting sustainable priorities and targets as there is a new normal to be adjusted to. Build a committee of strong leaders that are capable decision makers and have seniority within the company. These team members must be able to act wisely under pressure, come from diverse roles within the company, and most importantly, communicate strongly.
Following the current crisis, the UAE has asked management to classify employees into two categories; those who can perform their duties from home and those whose physical presence is essential for the business operations. Keep track of this as you go ahead to help you prioritize requirements and help your team synergize.
The Power of Preparedness
It is impossible to predict a crisis, but what you can control is the preparedness of your company. Have multiple contingency plans in place that have been devised by your team that identify possible risks and prioritize solutions based on how deeply those risks can adversely affect your business. This sort of risk assessment will not only help you react faster to an emergency, it will also ensure that your company minimizes potential impact. It is worthwhile to note that asset protection can be achieved through our team by setting up bespoke business structures that ensure your interests in real property, operating companies, bank accounts, and other assets are entirely protected and legally secured.
Analyze and Adapt
Analyzing your company’s key processes can help you identify weak links and protect them. The guidelines for businesses in the UAE during the coronavirus outbreak directs companies to work on their supply chain network so work can continue as per usual. For example, if a future crisis impacts the oceans, and your products mostly arrive by sea, it is worthwhile to see how you can bridge that gap in process and continue serving your consumers with minimal disruptions. It is also crucial to be agile and identify opportunities or market niches during a difficult scenario, as this sort of adaptive skill can truly help your business survive through a crisis.
Strategize with a Purpose
Now that you’ve identified possible risks and solutions, you have the required information to build a plan of action that is both practical and cost-effective. It is necessary to be the latter as the first thing that usually gets negatively impacted during a crisis is a company’s cash flow, and minimizing expenses is always handy. Try to use all the alternative resources you may have to help you in this scenario.
Staying calm during a crisis is easier said than done, but we hope that our advice can help you make an effective and practical business continuity plan that helps your company achieve smooth sailing through rough waters. The quicker you adapt these practices within your company, the more control you will have over your business; this will give you the push you need to emerge stronger on the other side of unprecedented times. For more help on risk mitigation and asset protection, do not hesitate to contact our team of experts and safeguard your business interests today.