7 Steps to recover business after pandemic

The Covid-19 outbreak is impacting businesses causing some to downsize or close completely. While waiting for clear support and the decision of the local government, businesses can take the initiative to do some things in advance to be ready for reopening.

Here are seven specific steps, suggested by risk management expert Nicholas Bahr of DuPont Sustainable Solutions (USA). He has spent 35 years helping businesses cope with geopolitical, climate, and terrorist risks.


Employee care: Close and regular online contact with employees to understand how they are affected by the epidemic. Reassure them when possible, especially your support plans for them

Building governance system: Create a management system to make decisions, by focusing on data rather than emotions. This management system can consist of three levels: short-term - dealing with personnel and daily work difficulties; medium-term - cash reserve plan and possible dismissal; long term - calculate major economic impacts.

Operate risk assessments: Once the business has a risk assessment system, it may not be suitable for Covid-19. Therefore, new methods should be established, focusing on the hygiene and safety measures necessary to protect people, finance, technology and activities during the epidemic.

Increase communication outside: "In a crisis, your biggest commodity is trust," Bahr said. Take time to reassure your customers, partners and the public that you are taking appropriate measures to combat the outbreak and even contribute to solving them.

Supply chain assessment: Find out what customers you have and their requirements. Then, talking to the suppliers about their current capabilities, be wary that they can be more promising. If cash is tight, keep in mind that not all is needed. Instead, be creative and think about how you can talk to your partners about products, benefits and services.

Operational risk review: Evaluate all operational aspects of the business. Make a checklist before operating again. That will ensure you are completely ready when the social situation allows.

Use downtime effectively: Make the most of your free time to think about developing any service and product you have never had. Encourage employees to participate in this process so they feel valued and have good productivity.