NewsOpinionFinanceInsuranceMortgageTechBusinessTravelLegalHealth/FitnessSportsFashion

Business owner? How to deal with the effects of coronavirus

Business owner? How to deal with the effects of coronavirus

Coronavirus has already had a devastating effect on firms across the globe. As the crisis continues to develop, how businesses respond now is the difference between weathering the storm and sinking the ship.

 

It is of course difficult to have a single line on this because the situation is changing quickly and we can’t see into the future.



A distinctive feature of enduring companies is the way their leaders manage crises in times like these. False optimism and actions that arise from panic are not your friends. Bold decisions and contingency plans are.

 

Recovery will be a slow (and likely, frustrating) process. Ultimately, no one knows how long the country will take to contain the outbreak. However, we’re sure you’ll agree that flexible businesses are likely to fare best. In the words of Darwin, survivors “are not the strongest or the most intelligent, but the most adaptable to change.” 

 

Alexander Beard Group enlisted some measures that business owners can take to mitigate the effects of the crisis:

 

More efficient tax models

 

During global uncertainties, more agile tax models are needed. Minimising taxable income, obtaining available refunds and reducing required tax payments will cut the amount of tax you’ll need to spend during a period where it might be hard for your business to cover these expenses.

 

Supply chain management

 

The ripple effects of the COVID-19 pandemic are likely to cause supply chain disruption in some way. If you operate on an international scale, you could identify alternative supply chain scenarios as periods of mass-disruption affect different territories.

 

Sales forecasts

 

Even if you don’t think your business is directly affected by the COVID-19 outbreak, the lockdown situation we are seeing is likely to cause people to change their spending habits en-masse. The whole playing field might change during the crisis and in its aftermath. The key is not to be caught flat-footed.

 

Crisis management and response

 

Your existing business continuity plans may not be adequate for an unanticipated crisis as fast-moving and unknown as COVID-19. As in all crisis situations, effective communication is essential. If you haven’t done so already, develop incident management and scenario plans that are specific to this crisis and make sure to regularly update important stakeholders.

 

Reassess capital spending

 

Look closely at your spending plans and assess whether they are still sensible in this changing environment. It could be that there is no reason to change plans. The changing situation may even present opportunities for your plans to accelerate. What’s important is that any action you take follows proper deliberation. Knee-jerk reactions often damage long-term prospects

Website:https://www.abg.net
+2
Author's Score
0.1
Up Votes
1
Down Votes
0
Articles
0
Voted on
1 articles

Comments on Business owner? How to deal with the effects of coronavirus

Fonolive.com, Fastest Growing Classifieds Marketplace
Fonolive.com, #1 Free Classifieds Marketplace
Tags:
emigration, emigration, financial, financial, insurance, insurance, pension, pension, expat, expat, investment, investment,

Recent Articles

Surviving financial emergency can be a big responsibility in anyone’s shoulders. Keeping the current state...
Forex traders are called pro investors. They know how to assess the portfolio of a certain asset and find good...
Living in the era of America’s worst consumer debt crisis makes one hyper-aware of one’s own...
Recurring Deposits or RD is a traditional form of investment schemes. The scheme, which was only offered by banks...
With the launch of quick loans apps, many people have been able to keep manage their expenses better. Where...
Backpage EscortsEscorts Canada, TorontoEscorts VancouverEscorts CalgaryEscorts Ottawa


Copyrights © 2020 Voticle. All Rights Reserved.