How can businesses prepare for life after lockdown?
Just three months ago no one had heard of Covid-19 yet in a short period of time it has come to dominate the rhetoric and completely change how we live, work and socialise. Businesses have faced an unprecedented level of disruption and as with any crisis, there have been winners and there have been losers. For every story about a manufacturer adapting their production lines to make hand sanitiser, or accountant now working from home there are thousands more businesses that have been have reached the brink of their viability.
Estimates suggest that nearly a quarter of employees in Britain have been furloughed with claims amounting to £8bn (so far) and many have relied on financial support schemes to prevent cash from drying up.
Now that Boris Johnson has presented his ‘roadmap for reopening society’ businesses must decide how to resume work and rebuild their business. But with ‘business as usual’ still a long way off there are many things to consider and businesses will have to navigate post-lockdown life with all the flexibility, ingenuity and innovation that many have demonstrated since the pandemic began.
The discussions to be had and decisions to be made don’t differ all that much from those that are needed when a company undergoes a restructure as many businesses are likely to need to reassess everything from their staff needs, to supply chains, to service delivery. Some might find that business can resume almost as normal, but others will need to make drastic changes. And while the outcome for each business will differ, there are some key areas that each will need to consider in order to successfully navigate life after lockdown:
Health & Safety
One key area that can’t be ignored is how businesses will implement the social distancing guidelines and ensure the safety of their staff and customers. Every business will need to review their premises and work environment whether it’s an office, warehouse, shop or building site and ensure that the required two-metre distance can be maintained between colleagues, visitors and customers. Businesses may also need to consider introducing access control measures, signage, PPE, and guidance to ensure that procedures are managed and followed. Training staff to operate under the new measures will be necessary and it is advisable to keep records as directors may be held liable for failures to introduce and monitor the new safety regime. There is little doubt that in due course lawyers will have a field day pursuing employers as representatives of those seeking compensation.
Financial Damage and Outlook
Every business should be trying to assess the damage done to them by the pandemic so they can make informed decisions going forward. Business plans, order books, budgets, financial projections and cash flow forecasts should all be reviewed to get a full picture of the impact.
Then once the impact has been reviewed, businesses can project how long it might take them to recover, draft new plans for the future and if necessary, raise finance for their recovery.