7 steps to business recovery after the pandemic 2

7 steps to business recovery after the pandemic 2

American risk management experts offer advice to keep businesses viable and ready to operate effectively after the pandemic.

The Covid-19 outbreak is hitting businesses hard, causing some to downsize or close completely.

Here are 7 specific steps, suggested by risk management expert Nicholas Bahr of DuPont Sustainable Solutions (USA).

Nicholas Bahr, Global Director of Risk, Safety and Resilience Operations DuPont Sustainable Solutions.

Taking care of employees: Closely and regularly communicate online with employees to understand how they are affected by the epidemic situation.

Build a governance system: Create a governance system for decision making, by focusing on data rather than emotions.

Operationalize risk assessments: Once a business has a risk assessment system in place, it may no longer be suitable for Covid-19.

Increase external communications: `In a crisis, your biggest commodity is trust,` Bahr said.

Supply chain assessment: Find out what customers you have and what their requirements are.

Consider operational risk: Evaluate all operational aspects of the business.

Use your downtime effectively: Make the most of any free time to think about developing any services and products that you haven’t had yet.

In fact, Nicholas Bahr’s recommendations are similar to the views of many other managers.

According to Greg Milano, businesses first need to address cash flow and liquidity issues.

While Bahr’s advice is designed to help businesses get ready to recover from the crisis, he says it can also help them respond during the ongoing pandemic.

According to him, the change in business conditions during the epidemic will likely happen in four ways.

While the short-term outlook for many businesses looks dim, Bahr likens it to being in a dark tunnel.

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