Business Continuity

With the spread of the COVID-19 pandemic, businesses must implement measures to ensure Business Continuity and Service Delivery to its customers. A Response Plan is critical and business operations must be evaluated, adjusted and reviewed continuously, to prevent businesses from closing down.

 

A typical Response Plan considers the following;

 

Finance

  1. Overdraft facilities with banks.
  2. Priorities outgoing payments (manage Cash Flow).
  3. Credit negotiations from suppliers, and supplier contingency plans.
  4. Consider your sales mix of credit sales and focus on cash sales.
  5. Offer discounted packages to customers to attract sales.
  6. Collect outstanding debts. Frequent follow ups on debtors.

 

Human Resource

  1. Work from home contingency plan. IT plays a major role in ensuring that staff have internet facilities at home. This however will depend on the nature of the business.
  2. Communication to employee to keep calm and to avoid panic of job loss due to business closure.
  3. Assess leave days of employees and plan for employees taking leave. This should be done in a strategic manner to avoid panic and complications.
  4. As a last resort consider unpaid leave, but the interest of employees should always be considered first.
  5. Trainings on hygiene and implement hygiene routines at work. 

 

Business Continuity Planning

With the spread of the COVID-19 pandemic, businesses must implement measures to ensure Business Continuity and Service Delivery to its customers. A Response Plan is critical and business operations must be evaluated, adjusted and reviewed continuously, to prevent businesses from closing down.

 

Stock Levels

Production businesses should assess current stock levels and stock replenishing plans relating to sales performance.

  1. If stock levels are high, minimize production and focus on reduction of stock levels. (This will relieve purchasing expenses).

  2. Ascertain access to source market (availability and ability to purchase new stock).

 

Relationships and Support

Maintain relationships with suppliers, customers, as well as competitors. This will enable a support network that will enable all businesses to step in and support one another in areas of strength. In the end we are all in this together and fighting for the same cause.

 

How can the Seychelles Investment Board (SIB) help?

The Seychelles Investment Board (SIB) is your partner in helping you as you work through your business continuity planning and evolve and adapt your business.  We can provide guidance and advisory support in;

 

  • Drafting and implementing of your Business Continuity Plan.
  • Provide market intelligence, market opportunities and information on costs of doing business.
  • Partner identification and business match making to identify economies of scale and reduced cost of operations.
  • Counselling and guidance on existing policies and regulations to consider.
  • Provide assistance with obtaining clearances from relevant authorities.
  • Provision of support services to facilitate the realisation and adaptation of business operations.

 

In preparation for a successful session with SIB, we have partnered with our colleagues from public sector, private sector and civil society to work on a proactive set of documents that will support this process. We would like to invite you to familiarize yourselves with the following documents;

 

The Preparing your Business for Implications of Covid-19 document provides detailed information on how to prepare and sustain the operations of your business during the pandemic.

 

The Business Continuity Self-Assessment Tool offers a diagnostic instrument that provides an in-depth evaluation of your organization’s preparedness to the Pandemic.

 

The Business Continuity Plan Template document provides protocols to be followed by your business during the COVID-19 pandemic.

 

Contact us to book a conference call. 

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