Steps to Ensure Business Continuity in the COVID-19 Pandemic
The COVID-19 pandemic has caused severe disruption to our personal and works lives, and many businesses have been adversely affected. Here are some steps your firm can take to cushion these impacts.
- Employees first, business second.
The gravity of the COVID-19 pandemic has instilled fear in many people regarding the health and safety of their loved ones. This makes it crucial for employers to guide and support their employees, and provide constant assurance that their safety is being taken care of. Hence, firms can include flexibility in their work arrangements to ensure that employees can work in a safe environment. Since the current social-distancing measures are expected to remain for a period of time, it is essential for firms to strike a balance between maintaining business operations and ensuring the well-being of employees.
2. Strategize business continuity plans
An auditor in Singapore should evaluate the financial and operational risks of their respective firms so that that action can be taken promptly. They should be aware of fluctuations in costs and note their effect on the firm’s profitability. Firms should also take note of contractual infringements regarding impairment risks with financial institutions, as this would adversely affect the overall balance sheet. Hence, it is crucial to engage a professional audit firm in Singapore to keep your financial health in check.
3.Communicate with your stakeholders
Your firm should also maintain secure communication with your suppliers, customers, and creditors. It is essential to maintain contact with suppliers as deliveries may be disrupted by the COVID-19 pandemic, and alternative options will have to be sourced for. As this could subsequently affect the firm’s abilities to fulfill customer orders, firms should frequently update customers on the statuses of their orders. Additionally, firms may struggle to meet contractual obligations to creditors due to the effects of the pandemic. Thus, firms should liaise with creditors to discuss possible rearrangements on contractual terms to prevent any contractual breaches.
4. Engage assistance when necessary
The government has recently announced its fourth support budget, named the “Fortitude Budget,” to further support firms and citizens through the COVID-19 pandemic. Cash grants will be given to help SMEs with rental costs, and wage support will be given to firms that are disallowed to resume operations. Firms that are struggling to maintain their financial health should explore available financial assistance routes and identify the ones that would be most beneficial for them.
5. Be flexible and adaptive to changes.
After the firm’s business continuity plan has been readjusted, it is crucial for an auditor in Singapore to stay alert to the current situation and adapt accordingly by advising their firm on any changes to be made. The auditor should also liaise with managerial staff and present recommendations so that the firm can take necessary action and avoid suffering any further damage. An audit firm in Singapore, such as OneStop Professional Services can be engaged to ensure that ideal recommendations will be given, after examination of the firm’s situation and policies.