How companies can navigate disruptions and mitigate risk

The COVID-19 virus has spread to most nations, affecting businesses of all sizes and disrupting supply chains. With social distancing measures announced by many countries, working from home (WFH) is now the new normal across the globe. Companies must now navigate these disruptions in business continuity and take steps to mitigate risk. In today’s blog, we will explore some solutions and approaches that managers and leaders can use as guidelines to work with new challenges in a rapidly changing global environment.

Working with teams and clients remotely

With most employees working from home, managing remote teams and team morale is something managers have already started in the past few weeks. For tips on how to build team spirit with remote teams, read our earlier blog.

The challenge of working with clients remotely requires companies to step up communication efforts. It can be difficult to establish a robust relationship with clients when you are unable to meet in person. However, companies can ensure that their relationship and projects with clients suffer minimal disruption while working remotely by following these tips:

  • If you are starting work with a new client, build trust by setting and managing expectations from the beginning. Discuss project milestones and prepare a communication plan. This is important because if the project is fully remote, any miscommunication has the potential to snowball into serious damage.
  • Schedule a weekly or fortnightly update to ensure that progress is communicated regularly, and your client is in the loop. This could be done via email if time zones are different or via a quick phone call or video conferencing. These update emails and meetings should have a set agenda, to reduce any chances of going-off track and losing valuable time. In your communication plan, exchange information with your client on each other’s working hours and contact details. This is to ensure that there are no communication delays.
  • Use the right tools to manage projects and meetings. Talk to your client about these tools and encourage them to adopt them in meetings so that they can always be aware of the project progress.

Maintaining business continuity

A good business continuity plan should be able to reduce the impact of volatility and is designed to enable the organization to meet its goals following disruptions. A business continuity plan should cover vital areas like the supply chain, workforce and IT operations. It should establish control, communications and operations efforts during emergencies to reduce damage and uncertainty.

  • First, assess the impact of the disruption on your organization’s entire ecosystem. For example, could your suppliers or service providers be affected? How will that impact your services or products? Examine how these third parties are handling the disruption, assess your dependence on these third parties and think about how you can reduce the impact on your operations.
  • Estimate the time that you will have before your operations feel the full force of impact. This allows you to review plans and proceed with actions that have a more lasting impact.
  • Here too, ensure that you use the right tools to document and maintain information which will help team members collaborate and execute the plan more efficiently.

Technical risk mitigation

While large organizations have the resources to quickly establish and deploy risk management plans, smaller businesses may not be yet prepared and could feel overwhelmed. In such cases, readiness assessment templates and industry-specific best practices guidelines are available to help companies identify gaps, evaluate their plans and even track progress.

Companies can undertake a business impact analysis to identify the most critical and vulnerable parts which will enable them to prioritize these during a business continuity emergency.

As the pandemic situation is dynamic and conditions and protocols change rapidly, companies and their HR departments may need to update their policies often. It is important to communicate these changes to employees.

These are challenging times for businesses the world over. With careful planning and with the right support, organizations can overcome disruptions and increase resilience in the long run. At Tricon Infotech we work with your organization on a range of tech solutions to ensure business efficiency and build resilience. Tricon Infotech offers best in class IT consulting, software development, design services, custom products, mobility and cloud operations. Connect with us to learn more about how Tricon can help your organization convert business challenges into wins.

Contact Us: info@triconinfotech.com