ARTICLES — May 26, 2020

4 Ways to Help You Plan for a Faster Business Recovery

Plan for a Faster Business Recovery

Most companies around the world have dramatically shifted their priorities in recent days and weeks, as impacts from the spread of COVID-19 enter completely uncharted territory. Not only have supply chain concerns and fears of the economic fallout been top of mind, but disruptions in the workforce are prompting CIOs and CSOs to wonder how they’ll maintain daily operations if their employees can’t travel or even come into the office.

Forrester’s tech market forecast shows that global market growth is slowing down to around 2% in 2020. This means whether big or small businesses, the pandemic has been affecting them with increased risks of an economic recession. In times like these, entrepreneurs and businesses who are affected by the downfall need to build a recovery plan in order to put their business in a secure position once the crisis subsides. Here are the strategies to help your business recover faster from the outbreak.

Ensure Your Plan Accessible in an Emergency

Make sure your business continuity plan is stored electronically and employees have access to it through a cloud service no matter what they’re doing or where they are working. If you’re not onsite with your company, your employees need to know what to do. To make it easier to follow, consider writing your plan in the form of a checklist, also keep up-to-date copies of documents such as insurance policies and legal papers on a cloud service to access them at any time.

Adapt New Sales Channels

People’s wants and needs are still going even the city they’re in is in lockdown and this pushes businesses to find opportunities to serve their market through alternative channels. For example, if coronavirus is cutting down on foot traffic to a retail business, then it should look for ways to expand offerings through eCommerce using apps and improve their delivery service. Many B2B companies are already well-positioned for this, especially if they sell software or other digital services and solutions. Business is still going on, but more of it might need to happen online.

Trustworthy Partner for Long-Term Investments

If you’re seeing a slowdown, this is the time to re-evaluate your operations, platforms, processes and do some long-term strategic planning including building a good relationship with the right IoT vendor as a recovery partner, before a disaster occurs. By partnering with a trustworthy IoT vendor beforehand, there is a greater chance of saving your business, reducing extra recovery costs, and recovering more quickly.

Test and Update Your Plan

Doing a practice run of your plan can ensure everyone on your team understands their role in case of an emergency. This will also ensure that your plan reflects your current business needs and allow you to correct any problems or address lessons learned if needed. You really want to make things clear so that anybody who picks up your plan can follow it and understand what needs to be done and what the priorities are.

Effective communication and good preparation are the keys to managing a business during an unexpected disaster period. A disaster can really be a stressful situation and having a plan in place will ensure you are ready to meet the challenge. Visit https://telkomseliot.com/ and find out how the capabilities of the Internet of Things can help you build the perfect business recovery plan.

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