Xero Accounting Gold Champion Partner
We hope you enjoy reading the blog post.
If you want our team to do your accounting or tax for you click here.

Pandemic Preparedness Tips for Your Business

The COVID-19 pandemic has caught most of us off guard. Who would’ve thought that the world would spend the year battling a virus?

This unprecedented global crisis is a reminder that these business threats are very real and acts as a wake-up call for business leaders. Even if the scenario may seem far-fetched, it pays to prepare for the worst. When a pandemic hits, businesses play a crucial role in protecting the health of their employees and limiting the adverse impact on the community and the wider domestic economy.

In this guide, we will help you prepare for future outbreaks and similar events, as well as offer tips for managing your business during a pandemic.

Develop a Business Continuity and Crisis Plan

A business continuity plan reduces the impact of a crisis on your business and allows for the speedy resumption of business activities in case you are forced to scale back or temporarily shut down. A business continuity plan doesn’t make your business immune from threats, but it does mean you’re prepared for them.

Important factors to consider when creating your business continuity plan include the critical services and positions that you should keep to continue running your business and the decision-making process in such troubled times.

You should also prepare for safeguarding essential corporate records and documents, as well as internal and external communications for relevant stakeholders. Most importantly, you need to have a concrete action plan for your recovery.

Planning for the Potential Impact on Your Business

To be able to plan accordingly, you must first assess the risk of the pandemic on your employees, customers, suppliers, and other relevant stakeholders. Next, you must be prepared for staff absences and ready to implement flexible work arrangements for such circumstances.

In line with this, make sure that you have the right technologies in place and all your staff are well-trained in using these tools. Beside your business operations, you should also look into your financials and assess the potential impact of the event, threat or pandemic.

Create a plan for multiple possible scenarios that may lead to an increase or decrease in demand for your offerings. How will you cope in case of disruption to supply of necessary materials? How will you adapt to social restrictions and increased public fear that will cause people to avoid public places? Do you have access to a line of credit in case of cash flow troubles brought about by reduced business activity?

Additionally, you must have an emergency communications plan which includes key contacts and the chain of communications. The key contacts should have sources of timely and accurate information related to local public health and emergency management.

Planning for the Potential Impact on Your Employees

Because your employees are your greatest assets, you must have concrete steps to protect their health and safety. This includes planning for infection control practices, protective and preventative equipment, healthcare services available for your staff, flexible work sites and schedules, as well as new employee leave policies that will take effect in such a unique situation.

Equally important to consider is your employees’ mental health. This means taking focus on how you can manage fear, anxiety, and misinformation among your people through effective communication practices and providing access to mental health services during a pandemic and a possible quarantine.

Taking Advantage of Tools and Guidelines from the Government

Just as businesses plan for a pandemic or crises, government agencies usually have a suite of tools, templates, and guidelines that you can take advantage of in these situations. There may also be a business continuity guide available which highlights the essential factors to take into consideration as you create one for your business.

You should also be aware of sources of federal, state/provincial, and local public health information, as well as free business advice and consultation that may be available in your region

Being Prepared Makes All the Difference

External threats like the COVID-19 pandemic don’t just claim lives, they also create significant economic damage. We have seen how extended periods of lockdown and temporary closures have hit businesses hard. While some were able to pivot, many are still distressed and on the verge of bankruptcy. This experience teaches us that staying prepared can make the difference in mitigating risks and cushioning the blows of a pandemic or any other events that can trigger a crisis.

If you need assistance in crafting your business continuity plan or professional support moving forward, don’t hesitate to drop get in touch.

Ready to take your financial success to new heights?
How would it feel to have peace of mind knowing that your finances are in the hands of experienced professionals who are passionate about helping you maximise your financial potential?
Ready to experience the difference? Contact us today for a complimentary consultation and discover how our tailored accounting solutions can empower your financial future.
What our clients say?
Thrive CFO
Based on 10 reviews
powered by Google
Martin Mulder
Martin Mulder
12:36 17 Aug 23
I have only the greatest appreciation for this company. I was going through a difficult time and they were understanding and accommodating. My tax was handled speedily and efficiently.
Kevin Rademeyer
Kevin Rademeyer
07:20 17 Aug 23
We have been using Melissa, Marche and the rest of the crew at ThriveCFO for over 10 years, in order to compile our annual audit for Law Society. They have been exceptional, efficient and pro-active every year. I would not take the business anywhere else.
Jan de Wit
Jan de Wit
13:13 13 Jun 23
Our firm has been making use of the services of Thrive CFO for more than 10 years. Thrive CFO has amazing staff that is not only extremely helpful, but also very capable. We are extremely happy with their services and will continue to support them. They make accounting easy. Thanks Melissa, Marche and the rest of the Team - You Rock!!
LM Keyser
LM Keyser
07:13 13 Jun 23
The ThriveCFO team has been our trusted accounting and tax partner since 2010. They are competent, honest, approachable, quick to respond, and they really do care. I highly recommend them.
Andre Claassen
Andre Claassen
10:24 08 Jun 23
Prompt, professional and personal service!!
Palabadi Ramaphoko
Palabadi Ramaphoko
19:38 15 May 23
I'm impressed with the work you do. You are extremely professional and polite. I hope we will grow big together!
Deidre Oosthuysen
Deidre Oosthuysen
12:20 04 May 23
I feel as though Thrive CFO is a natural part of our business. 100% professional. Very knowledgeable. Incredibly organised. And with a work ethic and proactive communication practices, I know I am in the very best hands possible.
Sean Fabian
Sean Fabian
07:45 04 May 23
As someone who has had the pleasure of working with Thrive CFO, I can confidently say that they are an exceptional company with an unwavering dedication to their clients. From beginning to end, their commitment to providing top-tier financial services is evident in every interaction.One of the things that sets Thrive CFO apart is their focus on education. They take the time to educate their clients on financial best practices and help them understand the reasoning behind their recommendations. This approach ensures that clients are empowered to make informed decisions about their finances.Thrive CFO also uses the latest technology to streamline their services and make the financial management process as efficient as possible. They utilize cloud-based software to provide real-time financial data and make it easy for clients to access their financial information at any time.Overall, Thrive CFO is an exceptional company that is dedicated to providing personalised financial solutions that help their clients succeed. If you're looking for a financial firm that truly cares about your success, I highly recommend Thrive CFO.
Michael Dawson
Michael Dawson
15:48 02 May 23
Great experience with the team! Always willing to assist with questions and able to help guide my small business to ensure that I am compliant.
Riaan Schlebusch ITMC
Riaan Schlebusch ITMC
12:15 21 Apr 23
Professional, smart and friendly people.You only deal with the best of the best, and they know how to answer your questions, and they ensure that they understand you, and make they make sure to take the time to know your business.
See All Reviews

Ready To Take Your Financial Success To New Heights?

Scroll to Top