58 Klingner Rd, Redcliffe QLD 4020
(07) 3883 8999

10 Point Checklist for COVID-19 Coronavirus and Natural Disasters Strategies

10 Point Checklist for COVID-19 Coronavirus and Natural Disasters Strategies

1. Check the list of government loans/grants that the business might be eligible to apply for.

2. Create a COVID-19 coronavirus/natural disaster team which will meet daily (10 – 15 minutes) to review issues and to recommend new or amended strategies.

3. If not already done so, implement strategies to enable team members to productively work from their homes. Issues to consider:

  • computer access
  • server access
  • passwords
  • access to Zoom/Skype for meetings

4. Keep, or commence daily, meeting (huddles) to help communications continue within the business. When people are working from home connect them into the meetings, if possible, by utilisation of Zoom/Skype communications technology.

5. Keep in touch with suppliers. In some cases investigate creating new supplier chains.

6. Keep in touch with customers and assure them that you’re mindful of the need to keep the supply chain operating. Ask them questions about their order book so you get an indication as to what is happening within their customer base.

7. Monitor the cashflow position within your business. Can improvements be made to debtors’ management, investment in inventory, payments time?

8. Review costs – where can efficiencies be introduced?

9. Update Budget and Cashflow Forecasts and have discussions with your bank in relation to financial support that they can give you.

10. Continually review your team member strategies relative to:

  • Where a team member has been in contact with someone who has contracted coronavirus and who is refusing to self-quarantine.
  • Processes if a team member is obviously ill and will not agree to self-quarantine.
  • Policies if a team member has no sick leave left.
  • Reducing working hours.
  • Insisting on staff taking time off – out of annual leave – out of long service leave (if any) – if no leave left – leave without pay.
  • Reduction in the amount of pay being paid to employees.’

Source: ForAccountants

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