With the World Health Organisation (WHO) characterising COVID-19 as a global pandemic, the world has changed rapidly. While the stress is potentially straining on public health systems, the economic effects cannot be ignored. In Singapore, many companies have deployed different approaches to respond appropriately.
If you have yet to take any action, here are 5 strategies we recommend to help your business combat the developing situation on COVID-19.
A Responsive Strategy to the Crisis
Your company’s response to the COVID-19 crisis matters not just to internal stakeholders, but also external ones. It is best to ensure that you have a clear and balanced response strategy.
The current crisis continues to present many unpredictable scenarios for businesses. However, this does not give anyone immunity on performance. You should always keep a strategy on how to tackle such hiccups in your business. Simulate worst-case scenarios and develop contingency plans.
You can reach out to an accounting firm in Singapore, such as Ackenting Group, and we will aid you along in developing a financial response strategy. In your response strategy, it is best to include a rapid-reporting plan. It keeps you updated on how the crisis is affecting specific areas of the business. This ensures you know where and when to trigger mitigation measures, as well as how fast operations are recovering.
Clear Communication Strategy
Initially, the COVID-19 crisis began as an outbreak that seemed to be confined to China. However, in less than 100 days, it became a global pandemic. The speed by which events are unfolding calls for regular updates. But these updates must be factual, corroborated and informative.
You should create an information hub where staffers can easily access regular updates. Include a summary of the facts so that there are no debates about the facts or incorrect assumptions. In addition, communicate the company’s policies in line with your response. Explain the policies clearly and contextually and provide the reasoning behind it. Readers will use this to make informed inferences.
Forecasting Guided by Experts
The crisis has brought together experts in public health, virology, and many other disciplines to guide public response. You should also bring in experts to help you forecast and plan for your business’ dynamics.
As experienced accounting professionals, our team at Ackenting Group can help your company use information from historical and present cash flow statements, balance sheets, and profit and loss statements to map a way forward in light of the current crisis. From the insights gathered, you can develop measures to improve your future results as guided by our experts. Besides accounting and bookkeeping services, our firm also provide company incorporation services and more to fulfil your business obligations and meet company requirements.
A Way Around Bureaucracy
During times of crisis, it is inevitable that each arm of management will want to have input over how a company can handle the situation. While the objective is noble, it also creates a lot of bureaucratic hurdles and slows down the decision-making process.
Consider assembling a small team of experts through outsourced services, and let us at Ackenting Group to become part of your tactical rapid decision-making arm.
Prepare for the Next Crisis
Singapore was hailed as one of the countries that were best-prepared for COVID-19. However, this wasn’t a result of unilateral action by the government. Each citizen, including corporates, contributed. What made Singapore a beacon of preparedness?
Excellent preparedness was attributed to lessons learned from the previous SARS outbreak. Have a strategy to maximise learning from the current crisis. Record the measures you take, what worked, and what didn’t. Use the lessons to prepare for the next phase of the crisis as well as for future crises.
If you require any assistance on accounting services, feel free to drop us an email at johnwoo@ag-singapore.com or contact us at +65-66358767. At Ackenting Group, we offer a complimentary 30 minutes online consultation for us to better understand your business requirements.
