very business is affected due to the coronavirus outbreak. Yet, they must act as the lifeline in supporting many people from producing, delivering essentials to providing livelihood for the workforce. However, I believe this is the time to think outside of the box, become innovative and to bring your entrepreneurial spirit to the forefront.
The COVID-19 outbreak has been declared a public health emergency with most businesses including mine with only 3 months of cash reserves. Even as the Australian government extend loans and introduce tax breaks, among a slew of other measures; they won’t be able to extend life support to all.
Businesses are facing double pressures; On the one hand, they need to recoup the losses of a long shutdown and on the other, they need to carefully manage staff during the ongoing outbreak. Since many businesses and offices are public spaces, any infection will have serious consequences, economically and legally.
Whilst the priority remains human welfare, we also need to manage other business challenges. The short-term impact of the coronavirus outbreak on the global economy is inevitable. Enterprise businesses still must pay employee salaries and rents during the suspension of work. Small business has come under great huge financial pressure due to the fixed costs like rent, unused supply and closure of business with some small businesses asking employees to take long leaves without pay during the shutdown, affecting everyone’s livelihoods.
I’ll admit, I’m confused, angry and extremely disappointed with everything that is happening however, we all still have to wake up everyday and survive which is why my survival instincts have kicked in and I’m getting advice wherever I can. In the last few days, I’ve had several meetings which essentially are strategic planning sessions and I have another tomorrow. Why? Because despite the impact economically, we all must find the bright side and realise this is an opportunity.
A strategic planning session can bring clarity to your vision. Make no mistake, your current business plan is over and if you stay on the same mission you will most likely fail. The way you communicate in your business now more than ever needs to evolve and not just this week, but the next and the next if your business is to survive. Despite the world currently disconnecting I believe we all need to be connected, make more connections, and seek opportunities but most of all during this crisis, build relationships and continue to tell our business story right.
- Kieran Moran is the managing director of Resource Industry Media, a consultancy firm specialising in strategic business communications, engagement and events for the mining, engineering, manufacturing, construction and services sector.