By Neil Amato for Financial Planning Digest
It’s reasonable to be concerned about the spread of the coronavirus worldwide. But it’s not the time to panic, especially for organizations, said Jennifer Elder, CPA/CFF, CGMA, a consultant and author. Business leaders should be proactive in putting emergency plans in place: for employee well-being, business continuity, remote working, and other areas.
“It’s not just about you and your business,” Elder, the owner and president of The Sustainable CFO consulting firm, said in a podcast about disaster planning. “You really have to be mindful of what’s happening with your employees, your customers, and your vendors. You start to realize that your company has an ecosystem, and if one part is not healthy, it affects everything else.”
Elder developed a set of tips and a list of questions for organisations to consider in planning for the effects of the virus:
- Don’t panic but do plan.
- Show concern for your employees: Give them an opportunity to share their concerns and ask questions. Consider having an education session featuring a nurse or doctor.
- Show concern for your customers. For any customer or client meetings, offer the opportunity to meet virtually. For your business customers or clients, share your wisdom on protecting their business and planning a response.
- Communicate and educate frequently.
- Brainstorm with every department: How might you be affected?
- Brainstorm possible options to mitigate the impact.
- Document what you will do, when you will do it, and who will be responsible.