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Posted by Dannielle Ford Business Law

5 Tips for Business Continuity

As business owners, our key concern is keeping our businesses afloat during uncertainty. Enduring the tough times sets up the businesses that survive to be more resilient in the future. Downturns can be scary in the moment, usually because there is no plan in place for your business and the world around you appears to be panicking.

The Cheney Suthers team are here during these difficult times to support and provide positivity to you and your business. If you take time to think, plan and take actionable appropriate steps, your business will have a higher chance to get through this.

There are 5 key areas you need to consider immediately:

  1. Protection – It’s vital for you to have an up to date Enduring Power of Attorney (EPOA) and Will, and to know where the original signed copies of these documents are located.
  2. Team – Work through the COVID19 Continuity Plan with your entire team.
  3. Employees – You need to openly discuss reduced working hours with your employees to save cash (if this does save cash) and working from home arrangements. Employees will be scared, so they need to be reassured by you and they need to be given an understanding of your plan to keep the business alive. We will be posting more on this topic in the coming days, including the rights around asking employees to work less hours and how to ensure a safe WFH arrangement.
  4. Customers & Suppliers – Great communication is needed to so that clients and customers have peace of mind that it’s “business as usual” where possible, and so that you can rely on your suppliers.
  5. Mental Health – This isn’t last on the list because it’s the least important. It should be at the front of your mind, always. This could be one of the most stressful times ever for you and your employees. We can provide links to assistance for you to help you and your team through this crisis.

Please contact a member of the Cheney Suthers team if you would like further information or assistance regarding protecting your business and/or assets.

Disclaimer:

Cheney Suthers Lawyers website does not provide legal advice. All information on this website is of a general nature only and is not intended to be relied upon as, nor to be a substitute for, specific legal professional advice.   Cheney Suthers Lawyers accepts no responsibility for the loss or damage caused to any person acting on or refraining from action as a result of any information contained on this website. Liability limited by a scheme approved under Professional Standards Legislation. All material on this website is subject to copyright.


Website: IBWS