Coronavirus - how has it affected us so far
Updated: Mar 17, 2020
The recent Covid-19 (Coronavirus) has caused panic across the globe, and recently it has been a main topic of concern in the UK. Crisis is taking over the country and businesses are preparing for worst case scenario. So, how has this disruption directly impacted our business?
First and foremost, we take the coronavirus outbreak very seriously and are making every effort to reduce our chances of spreading the virus. We are also taking every precaution to reduce unnecessary group meetings and have antibacterial stations in our offices.
How it’s affected our business so far
I had a call from a colleague (another business owner) this weekend asking if I am ‘preparing for the next few months’. I queried, ‘preparing in what sense? He answered:
‘cash flow solutions; reducing fixed costs’, and so on.
My answer was that I don’t think it’s necessary to cut fixed costs at this time, when what is actually needed is to keep calm and take logical self-care. In the worst case scenario, we live in a digital world, where we have the ability to function virtually - this is what we're focusing on implementing at the moment. We would try our very best not to cut costs and defuse the ripple effect associated with such drastic response. However, we have to wait and see what action the government chooses to manage the situation.
So far, the biggest impact Coronavirus has had on our business is that we’ve had to postpone some of our group training workshops. We did this with great regret, as we are aware of the time people take out of their workdays to schedule training. We’ve also had a few meetings cancelled or switched to webex.
We are also seeing a slowdown in our pipeline, mostly because people are working remotely and not as quick to respond and management meetings are being cancelled. However, most of our clients or prospects are in similar positions to us – that they are carrying on with business as usual to the best of their abilities, sometimes a bit slower than normal due to increased remote working.
What we are doing in the face of Coronavirus:
1. Equipping our offices with antibacterial hand wash and hand sanitiser for our team and guests to use.
2. Preparing some of our courses on eLearning
3. Offering Skype/webex meetings in place of face-to-face
4. Increased flexible working/home working
5. Reviewing our continuity plan
5. Keeping informed
What we are NOT doing:
1. Reducing fixed costs or staff hours (at this time)
2. Cancelling meetings or projects but rather arranging for webex meetings
While you should indeed take caution when visiting the elderly or ill and of course, take practical and logical measures to reduce your chances of spreading the virus, keeping calm and avoiding panic is very important, as how crisis is managed is what will have the longest impact.
If you have any questions about how Go Strategy is managing Coronavirus, please don't hesitate to get in touch.