The coronavirus epidemic has spread to every continent apart from Antarctica, and it is spreading fast. With such a major virus outbreak, health concerns and worries are bound to be triggered. Among other top concerns is how business activities should continue amidst fears of a looming clampdown as witnessed in places like Italy. How will the businesses survive income loss?
How about the aftermath? What should business leaders be doing now to survive the effects of COVID-19? Let’s look at all the ways your business can survive from the coronavirus.
1. Update your business continuity plans
Review your business continuity plans and talk with your team members. Hysteria and anxiety can spread easily among one another. Communicating with your employees means continuously providing them with information regarding the risk. They should also be aware of the company’s response plans and let them know ahead of time that the business is prepared and taking measures to protect them.
2. Educate your teams
Provide your team members with information detection and response procedures. Educate them on how to reduce the possibility of a spread like wearing face masks and developing a personal response plan which may include social distancing and practicing good personal hygiene. Remind your team members to access the official Ministry of Health’s information portal and stay updated.
3. Test and switch to remote-working where possible
Remote working is a wonderful development of the 21st century enabled by technology. Can your employees work remotely?
This may not be practical for certain job scope such as manufacturing. However, administrative functions, such as accounting and finance, can easily be supported through digital technologies where teams can work remotely. However, this may take up lots of time and capacity building. Alternatively, outsourcing to an accounting firm in Singapore can bring many essential benefits for your business. Ackenting Group provides accounting services to help in various aspects of your business, from payroll, audit, and financial reporting – backed by more than a decade of experience. This can help you to get work done while minimizing face-to-face contact especially in a sensitive time like this.
4. Maintain a healthy cashflow
When facing a looming economic dip, as presented by the effects of the coronavirus, cash remains king for business survival. You need experts to help you to maximize cash flow opportunities and convert some fixed assets into more liquid forms. Work with an accounting firm like Ackenting Group to help you make these vital decisions as you wait out the storm.
5. Cutting down on unnecessary expenses
Accounting firms can also help you perform a thorough analysis of your income and expense statements. The objective would be to identify areas where you can cut down expenses without impacting it negatively even in the aftermath. At Ackenting Group, we offer affordable accounting services, so you can make temporary cutbacks that won’t hurt operations while helping to conserve resources.
6. Keep your debt book clean
During economic dips, financiers such as banks get scared that borrowers will be unable to pay back loans. As a response, they come up with various debt-restructuring programs.
As an accounting services company, we will help you maximize such restructuring programs and make sensible financial decisions on borrowing, investing, saving and moving forward. Despite the virus crisis, you can still keep your business financial goals in close sight and deploy various strategies to achieve them.
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.
